View Past PerformancePerformance Shipping バランスシートの健全性財務の健全性 基準チェック /36Performance Shippingの総株主資本は$323.4M 、総負債は$222.3Mで、負債比率は68.7%となります。総資産と総負債はそれぞれ$559.9Mと$236.4Mです。 Performance Shippingの EBIT は$32.6Mで、利息カバレッジ比率9.4です。現金および短期投資は$48.2Mです。主要情報68.74%負債資本比率US$222.33m負債インタレスト・カバレッジ・レシオ9.4x現金US$48.17mエクイティUS$323.43m負債合計US$236.42m総資産US$559.85m財務の健全性に関する最新情報分析記事 • Dec 02Here's Why Performance Shipping (NASDAQ:PSHG) Has A Meaningful Debt BurdenLegendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...お知らせ • Aug 17Performance Shipping Inc. Regains Compliance with Nasdaq Minimum Bid Price RequirementPerformance Shipping Inc. announced that the Nasdaq Stock Market (“Nasdaq”) has confirmed that the Company has regained compliance with Nasdaq's minimum bid price requirements for continued listing on the Nasdaq Capital Market. Nasdaq’s letter noted that, as a result of the closing bid price of the Company's common shares having been at $1.00 per share or greater for at least ten consecutive business days, from August 1, 2023 through August 14, 2023, the Company has regained compliance with Nasdaq’s Listing Rule 5550(a)(2), and the matter is now closed. Commenting on this development, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “We are very pleased to have regained compliance with Nasdaq’s listing requirements as a result of an organic increase in the market price of our shares, without the need to effect a reverse stock split”.分析記事 • Aug 12Health Check: How Prudently Does Performance Shipping (NASDAQ:PSHG) Use Debt?Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...分析記事 • Feb 02Is Performance Shipping (NASDAQ:PSHG) Using Too Much Debt?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...すべての更新を表示Recent updates分析記事 • May 06There Are Some Holes In Performance Shipping's (NASDAQ:PSHG) Solid Earnings ReleaseShareholders didn't seem to be thrilled with Performance Shipping Inc.'s ( NASDAQ:PSHG ) recent earnings report...New Risk • May 05New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 75% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (75% accrual ratio). Minor Risks High level of debt (54% net debt to equity). Market cap is less than US$100m (US$22.6m market cap).New Risk • Mar 06New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 54% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (US$27.0m market cap).分析記事 • Feb 06Here's What To Make Of Performance Shipping's (NASDAQ:PSHG) Decelerating Rates Of ReturnFinding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...分析記事 • Dec 05Investors Still Aren't Entirely Convinced By Performance Shipping Inc.'s (NASDAQ:PSHG) Revenues Despite 26% Price JumpPerformance Shipping Inc. ( NASDAQ:PSHG ) shares have continued their recent momentum with a 26% gain in the last month...分析記事 • Dec 02Here's Why Performance Shipping (NASDAQ:PSHG) Has A Meaningful Debt BurdenLegendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Reported Earnings • Nov 26Third quarter 2025 earnings released: EPS: US$0.28 (vs US$0.96 in 3Q 2024)Third quarter 2025 results: EPS: US$0.28 (down from US$0.96 in 3Q 2024). Revenue: US$18.5m (down 19% from 3Q 2024). Net income: US$3.45m (down 71% from 3Q 2024). Profit margin: 19% (down from 52% in 3Q 2024). Revenue is forecast to grow 25% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings.お知らせ • Nov 05Performance Shipping Inc., Annual General Meeting, Dec 03, 2025Performance Shipping Inc., Annual General Meeting, Dec 03, 2025, at 12:00 GTB Standard Time. Location: 373 syngrou avenue, 175 64 palaio faliro, athens, greece, GreeceNew Risk • Aug 05New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (US$20.5m market cap).Reported Earnings • Aug 01Second quarter 2025 earnings released: EPS: US$0.69 (vs US$0.79 in 2Q 2024)Second quarter 2025 results: EPS: US$0.69 (down from US$0.79 in 2Q 2024). Revenue: US$18.1m (down 12% from 2Q 2024). Net income: US$8.62m (down 11% from 2Q 2024). Profit margin: 48% (in line with 2Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 1.8% decline forecast for the Shipping industry in the US. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings.New Risk • May 29New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 48% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$20.8m market cap).Reported Earnings • Apr 19Full year 2024 earnings released: EPS: US$3.39 (vs US$5.43 in FY 2023)Full year 2024 results: EPS: US$3.39 (down from US$5.43 in FY 2023). Revenue: US$87.4m (down 20% from FY 2023). Net income: US$41.9m (down 26% from FY 2023). Profit margin: 48% (down from 52% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.5% decline forecast for the Shipping industry in the US.Board Change • Mar 02Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Alex Papageorgiou was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Reported Earnings • Feb 21Full year 2024 earnings released: EPS: US$3.39 (vs US$5.43 in FY 2023)Full year 2024 results: EPS: US$3.39 (down from US$5.43 in FY 2023). Revenue: US$87.4m (down 20% from FY 2023). Net income: US$41.9m (down 26% from FY 2023). Profit margin: 48% (down from 52% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Shipping industry in the US.お知らせ • Nov 20Performance Shipping Inc., Annual General Meeting, Dec 17, 2024Performance Shipping Inc., Annual General Meeting, Dec 17, 2024, at 17:00 GTB Standard Time. Location: at watson farley & williams, 348 syngrou avenue, kallithea 176-74, athens, GreeceReported Earnings • Nov 10Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: US$0.96 (up from US$0.88 in 3Q 2023). Revenue: US$22.9m (down 5.1% from 3Q 2023). Net income: US$12.0m (up 21% from 3Q 2023). Profit margin: 52% (up from 41% in 3Q 2023). Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat.Reported Earnings • Jul 28Second quarter 2024 earnings: EPS and revenues miss analyst expectationsSecond quarter 2024 results: EPS: US$0.79 (down from US$1.53 in 2Q 2023). Revenue: US$20.5m (down 35% from 2Q 2023). Net income: US$9.73m (down 46% from 2Q 2023). Profit margin: 47% (down from 57% in 2Q 2023). Revenue missed analyst estimates by 9.4%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Shipping industry in the US.New Risk • Jul 26New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (US$27.0m market cap).Reported Earnings • Jun 04First quarter 2024 earnings released: EPS: US$0.89 (vs US$0.68 in 1Q 2023)First quarter 2024 results: EPS: US$0.89 (up from US$0.68 in 1Q 2023). Revenue: US$22.4m (down 24% from 1Q 2023). Net income: US$11.0m (up 137% from 1Q 2023). Profit margin: 49% (up from 16% in 1Q 2023). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat.Reported Earnings • Mar 10Full year 2023 earnings: EPS exceeds analyst expectationsFull year 2023 results: EPS: US$5.43. Revenue: US$108.9m (up 45% from FY 2022). Net income: US$56.9m (up 374% from FY 2022). Profit margin: 52% (up from 16% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.6%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat.お知らせ • Oct 26Sphinx Investment Corp. made a tender offer to acquire Performance Shipping Inc. (NasdaqCM:PSHG) for $34.3 million.Sphinx Investment Corp. made a tender offer to acquire Performance Shipping Inc. (NasdaqCM:PSHG) for $34.3 million on October 11, 2023. The offer price is $3 cash per share. The Board of Performance Shipping appointed a Special Committee of independent directors of the Board to approve the offer. The offer period will expire on November 8, 2023, until further extended. Robert B. Greco of Richards, Layton & Finger, P.A. and Will Vogel of Watson, Farley & Williams acted as legal counsel and Newbridge Securities Corporation acted as independent financial advisor to Richards, Layton & Finger, P.A.New Risk • Oct 12New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (62% accrual ratio). Shareholders have been substantially diluted in the past year (190% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$25.2m market cap).分析記事 • Oct 04Performance Shipping (NASDAQ:PSHG) Is Investing Its Capital With Increasing EfficiencyIf you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to...お知らせ • Aug 22Performance Shipping Inc. (NasdaqCM:PSHG) announces an Equity Buyback for $2 million worth of its shares.Performance Shipping Inc. (NasdaqCM:PSHG) announces a share repurchase program. Under the program, the company will repurchase up to $2 million worth of its common stock. The repurchase program will expire on August 31, 2024. As of August 18, 2023, the company had 10,910,319 outstanding common shares.お知らせ • Aug 17Performance Shipping Inc. Regains Compliance with Nasdaq Minimum Bid Price RequirementPerformance Shipping Inc. announced that the Nasdaq Stock Market (“Nasdaq”) has confirmed that the Company has regained compliance with Nasdaq's minimum bid price requirements for continued listing on the Nasdaq Capital Market. Nasdaq’s letter noted that, as a result of the closing bid price of the Company's common shares having been at $1.00 per share or greater for at least ten consecutive business days, from August 1, 2023 through August 14, 2023, the Company has regained compliance with Nasdaq’s Listing Rule 5550(a)(2), and the matter is now closed. Commenting on this development, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “We are very pleased to have regained compliance with Nasdaq’s listing requirements as a result of an organic increase in the market price of our shares, without the need to effect a reverse stock split”.New Risk • Aug 10New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 62% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (62% accrual ratio). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$13.7m market cap).Reported Earnings • Jul 28Second quarter 2023 earnings released: EPS: US$1.53 (vs US$10.51 in 2Q 2022)Second quarter 2023 results: EPS: US$1.53. Revenue: US$31.5m (up 88% from 2Q 2022). Net income: US$17.9m (up 388% from 2Q 2022). Profit margin: 57% (up from 22% in 2Q 2022).分析記事 • Jul 04There's Been No Shortage Of Growth Recently For Performance Shipping's (NASDAQ:PSHG) Returns On CapitalFinding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Reported Earnings • Jun 25First quarter 2023 earnings released: EPS: US$0.68 (vs US$51.46 loss in 1Q 2022)First quarter 2023 results: EPS: US$0.68 (up from US$51.46 loss in 1Q 2022). Revenue: US$29.5m (up 245% from 1Q 2022). Net income: US$4.62m (up US$16.1m from 1Q 2022). Profit margin: 16% (up from net loss in 1Q 2022).分析記事 • Mar 04Performance Shipping (NASDAQ:PSHG) Is Experiencing Growth In Returns On CapitalFinding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Reported Earnings • Mar 01Full year 2022 earnings released: EPS: US$8.97 (vs US$30.16 loss in FY 2021)Full year 2022 results: EPS: US$8.97 (up from US$30.16 loss in FY 2021). Revenue: US$75.2m (up 106% from FY 2021). Net income: US$36.3m (up US$46.4m from FY 2021). Profit margin: 48% (up from net loss in FY 2021).Valuation Update With 7 Day Price Move • Feb 14Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to US$2.58, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 98% over the past three years.Valuation Update With 7 Day Price Move • Jan 24Investor sentiment deteriorates as stock falls 20%After last week's 20% share price decline to US$2.67, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 98% over the past three years.お知らせ • Jan 14Performance Shipping Inc., Annual General Meeting, Feb 22, 2023Performance Shipping Inc., Annual General Meeting, Feb 22, 2023. Agenda: 2023 annual general meeting of shareholders.Valuation Update With 7 Day Price Move • Jan 03Investor sentiment improved over the past weekAfter last week's 16% share price gain to US$3.54, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 97% over the past three years.Valuation Update With 7 Day Price Move • Dec 12Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to US$3.48, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 97% over the past three years.Reported Earnings • Nov 19Third quarter 2022 earnings released: EPS: US$7.40 (vs US$6.43 loss in 3Q 2021)Third quarter 2022 results: EPS: US$7.40 (up from US$6.43 loss in 3Q 2021). Revenue: US$22.1m (up 137% from 3Q 2021). Net income: US$20.3m (up US$22.4m from 3Q 2021). Profit margin: 92% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue.Board Change • Nov 16High number of new and inexperienced directorsThere are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.Seeking Alpha • Sep 30Performance Shipping to acquire Aframax tanker vessel for $35MPerformance Shipping (NASDAQ:PSHG) said Friday it will acquire the M/T Phoenix Beacon, a 105,525 dwt Aframax tanker vessel built by Hyundai Heavy Industries, from an unaffiliated third party for $35M. The vessel is fitted with a ballast water treatment system and its next scheduled special survey is not due till 2026. The M/T Phoenix Beacon is expected to be delivered to PSHG by early Dec. and will be renamed M/T P. Monterey. PSHG expects to fund the acquisition with cash on hand and debt through a new senior secured facility that it expects to enter into prior to the vessel's delivery. The latest acquisition expands PSHG's Aframax fleet from five to eight vessels in six months. "We intend to fund this acquisition with bank debt of ~$30M and the rest from available cash, still maintaining a modest overall level of financial leverage fleetwide. With the delivery of the two newly acquired Aframax tankers during Q4, our fleet will be well positioned to potentially generate significant cash flow moving forward," said PSHG CEO Andreas Michalopoulos.Seeking Alpha • Sep 22Performance Shipping announces time charter contract for LR2 Aframax oil product tankerPerformance Shipping (NASDAQ:PSHG) said Thursday it entered into a time charter contract with Trafigura Maritime Logistics for the LR2 Aframax oil product tanker the M/T Alpine Amalia, to be renamed P. Aliki. The gross charter rate will be $45K per day for a minimum of seven months to a maximum of ten months at the option of Trafigura and will start after the vessel's delivery to PSHG expected in Nov. The charter is expected to generate ~$9.5M-$13.7M in gross revenue, depending on the duration of the charter.Seeking Alpha • Aug 22Performance Shipping terminates ATM offering agreement with H.C. WainwrightShipping company Performance Shipping (NASDAQ:PSHG) has terminated an at-the-market offering agreement with H.C. Wainwright & Co., effective Aug. 23. PSHG said it does not intend to raise additional capital or sell additional shares under the ATM agreement. The company issued and sold 526,916 shares prior to the termination of the offering, raising net proceeds of ~$1.3M. Shares were trading +11.79% pre-market. Source: Press ReleaseSeeking Alpha • Aug 12Performance Shipping plummets on pricing $15M in stock offeringPerformance Shipping (NASDAQ:PSHG) entered into a securities purchase agreement with several institutional investors to purchase ~33.3M of its shares and warrants at a purchase price of $0.45 per share and accompanying warrant in a registered direct offering. The warrants will be immediately exercisable, will expire five years from issuance date and will have an initial exercise price of $0.45/share. Gross proceeds estimated to be ~$15M. The Offering is expected to close on or about Aug16, 2022.分析記事 • Aug 12Health Check: How Prudently Does Performance Shipping (NASDAQ:PSHG) Use Debt?Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Reported Earnings • Aug 06Second quarter 2022 earnings released: EPS: US$4.37 (vs US$0.53 loss in 2Q 2021)Second quarter 2022 results: EPS: US$4.37 (up from US$0.53 loss in 2Q 2021). Revenue: US$16.7m (up 83% from 2Q 2021). Net income: US$22.9m (up US$25.5m from 2Q 2021).Seeking Alpha • Aug 04Performance Shipping GAAP EPS of $0.10, revenue of $16.71MPerformance Shipping press release (NASDAQ:PSHG): Q2 GAAP EPS of $0.10. Revenue of $16.71M (+83.2% Y/Y). Shares -3% PM.Seeking Alpha • Jul 28Performance Shipping charters M/T Blue Moon tanker vessel for $23K/dayPerformance Shipping (NASDAQ:PSHG) has entered into a time charter deal with Teekay Chartering for M/T Blue Moon, one of its Aframax tanker vessels. The 2011-built, 104,623 DWT vessel was chartered at $23K/day for 24 months +/-30 days at the option of the charterer. The contract commenced on July 27, 2022 and is expected to generate ~$16.8M in gross revenue. Shares have opened today's trading with a gain, currently up 13%Seeking Alpha • Jul 18Performance receives Nasdaq notification regarding minimum bid price requirementPerformance Shipping (NASDAQ:PSHG) received Nasdaq notification dated July 13, 2022, regarding minimum bid price requirement. The company has grace period of 180 days or until January 9, 2023 to regain compliance. If the company fails to regain compliance with the minimum bid price requirement within the grace period, the company may be eligible for an additional 180 day grace period to regain compliance. The company will monitor the closing bid price of its common stock during this grace period and will consider its options to cure the deficiency. Shares +4.15% premarketReported Earnings • Jul 05First quarter 2022 earnings released: US$3.43 loss per share (vs US$0.57 loss in 1Q 2021)First quarter 2022 results: US$3.43 loss per share (down from US$0.57 loss in 1Q 2021). Revenue: US$8.57m (up 2.0% from 1Q 2021). Net loss: US$11.5m (loss widened 302% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings.Seeking Alpha • Jul 05Performance Shipping takes delivery of Aframax Tanker VesselPerformance Shipping (NASDAQ:PSHG), through a separate wholly-owned subsidiary, it has taken delivery of the M/T P. Sophia, a 2009-built Aframax tanker of 105,071 dwt, that the company entered into an agreement to purchase in June 2022. This increases the fleet size to a total of six Aframax Tankers, all currently operating in the firm spot charter market.Seeking Alpha • Jun 29Performance Shipping GAAP EPS of -$3.43, revenue of $8.57MPerformance Shipping press release (NASDAQ:PSHG): Q1 GAAP EPS of -$3.43. Revenue of $8.57M (+2.0% Y/Y).Seeking Alpha • May 30Performance Shipping: Equity Offering Dilutes Common Shareholders At A 95% Discount To Net Asset Value - SellDiscussing onerous terms of last week's equity offering and updating net asset value estimates. Providing additional details on the company's recent exchange offer. Friday's sell-off will likely result in the requirement to conduct another reverse stock split next year. Expect the company to announce a new second-hand vessel acquisition soon. Going forward, Performance Shipping's common shares might still provide some decent trading opportunities from time to time but long-term investors shouldn't touch the stock with a ten-foot pole.Price Target Changed • Apr 27Price target decreased to US$6.00Down from US$11.00, the current price target is provided by 1 analyst. New target price is 123% above last closing price of US$2.69. Stock is down 44% over the past year. The company posted a net loss per share of US$2.01 last year.Board Change • Apr 27High number of new and inexperienced directorsThere are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.Board Change • Apr 01High number of new and inexperienced directorsThere are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.Reported Earnings • Mar 16Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2021 results: US$1.93 loss per share (down from US$0.76 profit in FY 2020). Revenue: US$36.5m (down 13% from FY 2020). Net loss: US$9.71m (down 362% from profit in FY 2020). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 3.0%. Over the next year, revenue is expected to shrink by 20% compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings.Board Change • Mar 09High number of new and inexperienced directorsThere are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.Seeking Alpha • Jan 27Assessing Performance Shipping's Extended Tender OfferPerformance Shipping launched and recently updated a tender offer to convert 80% of the common ultimately to preferred C shares. The offer shifts value from the common share to the preferred shares. Shareholders should consider the terms when deciding whether or not to tender.Seeking Alpha • Jan 07Performance Shipping - Assessing Recent Common Share Exchange OfferCompany offers to exchange 80% of outstanding common shares into newly issued Series B Preferred Shares. Exchange value amounts to $7 per common share. Annual dividend yield would calculate to approximately 8% at prevailing common share prices. Each Series B Preferred Share will be convertible into two supervoting Series C Preferred Shares for additional cash consideration of $7.50 per converted Series B Share. The company's largest shareholder has indicated its intent to ultimately convert its 46.3% stake into supervoting Series C Preferred shares thus resulting in approximately $5 million in cash proceeds to the company. Highly speculative investors might consider the common shares given heavily discounted valuation and prospects for a recovery of the crude tanker markets later this year.Reported Earnings • Nov 12Third quarter 2021 earnings released: US$0.43 loss per share (vs US$0.079 profit in 3Q 2020)The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: US$9.33m (down 2.2% from 3Q 2020). Net loss: US$2.16m (down US$2.55m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 132% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings.Reported Earnings • Sep 11Second quarter 2021 earnings released: US$0.53 loss per share (vs US$0.94 profit in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$9.12m (down 43% from 2Q 2020). Net loss: US$2.65m (down 157% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 139% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings.Reported Earnings • Jul 31Second quarter 2021 earnings released: US$0.53 loss per share (vs US$0.94 profit in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$9.12m (down 43% from 2Q 2020). Net loss: US$2.65m (down 157% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 136% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings.Reported Earnings • May 23First quarter 2021 earnings released: US$0.57 loss per share (vs US$0.59 profit in 1Q 2020)The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$8.40m (down 38% from 1Q 2020). Net loss: US$2.85m (down 202% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings.Valuation Update With 7 Day Price Move • May 22Investor sentiment improved over the past weekAfter last week's 16% share price gain to US$4.93, the stock trades at a trailing P/E ratio of 6.5x. Average forward P/E is 7x in the Shipping industry in the US. Total loss to shareholders of 69% over the past three years.分析記事 • May 06Performance Shipping (NASDAQ:PSHG) Shareholders Will Want The ROCE Trajectory To ContinueIf we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Valuation Update With 7 Day Price Move • Apr 17Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to US$4.80, the stock trades at a trailing P/E ratio of 6.3x. Average forward P/E is 6x in the Shipping industry in the US. Total loss to shareholders of 67% over the past three years.Valuation Update With 7 Day Price Move • Mar 16Investor sentiment improved over the past weekAfter last week's 15% share price gain to US$5.66, the stock trades at a trailing P/E ratio of 7.4x, up from the previous P/E ratio of 6.5x. Average P/E is 16x in the Shipping industry in the US. Total return to shareholders over the past three years was a loss of 71%.分析記事 • Mar 12We Think That There Are Issues Underlying Performance Shipping's (NASDAQ:PSHG) EarningsDespite posting some strong earnings, the market for Performance Shipping Inc.'s ( NASDAQ:PSHG ) stock hasn't moved...Is New 90 Day High Low • Feb 06New 90-day high: US$5.85The company is up 32% from its price of US$4.44 on 06 November 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 48% over the same period.分析記事 • Feb 02Is Performance Shipping (NASDAQ:PSHG) Using Too Much Debt?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...分析記事 • Dec 11Can Performance Shipping (NASDAQ:PSHG) Continue To Grow Its Returns On Capital?What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common...Reported Earnings • Nov 20Third quarter 2020 earnings released: EPS US$0.079The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$9.54m (up 53% from 3Q 2019). Net income: US$389.0k (up US$18.5m from 3Q 2019). Profit margin: 4.1% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings.Is New 90 Day High Low • Oct 16New 90-day low: US$0.54The company is down 13% from its price of US$0.62 on 17 July 2020. The American market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 11% over the same period.財務状況分析短期負債: PSHGの 短期資産 ( $58.0M ) が 短期負債 ( $26.2M ) を超えています。長期負債: PSHGの短期資産 ( $58.0M ) は 長期負債 ( $210.2M ) をカバーしていません。デット・ツー・エクイティの歴史と分析負債レベル: PSHGの 純負債対資本比率 ( 53.8% ) は 高い と見なされます。負債の削減: PSHGの負債対資本比率は、過去 5 年間で59.6%から68.7%に増加しました。債務返済能力: PSHGの負債は 営業キャッシュフロー によって 十分にカバー されています ( 22.5% )。インタレストカバレッジ: PSHGの負債に対する 利息支払い は EBIT ( 9.4 x coverage) によって 十分にカバーされています。貸借対照表健全な企業の発掘7D1Y7D1Y7D1YTransportation 業界の健全な企業。View Dividend企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/25 11:33終値2026/05/22 00:00収益2025/12/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Performance Shipping Inc. 2 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。8 アナリスト機関Charles FrattAlliance Global PartnersBrandon OglenskiBarclaysKenneth HoexterBofA Global Research5 その他のアナリストを表示
分析記事 • Dec 02Here's Why Performance Shipping (NASDAQ:PSHG) Has A Meaningful Debt BurdenLegendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
お知らせ • Aug 17Performance Shipping Inc. Regains Compliance with Nasdaq Minimum Bid Price RequirementPerformance Shipping Inc. announced that the Nasdaq Stock Market (“Nasdaq”) has confirmed that the Company has regained compliance with Nasdaq's minimum bid price requirements for continued listing on the Nasdaq Capital Market. Nasdaq’s letter noted that, as a result of the closing bid price of the Company's common shares having been at $1.00 per share or greater for at least ten consecutive business days, from August 1, 2023 through August 14, 2023, the Company has regained compliance with Nasdaq’s Listing Rule 5550(a)(2), and the matter is now closed. Commenting on this development, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “We are very pleased to have regained compliance with Nasdaq’s listing requirements as a result of an organic increase in the market price of our shares, without the need to effect a reverse stock split”.
分析記事 • Aug 12Health Check: How Prudently Does Performance Shipping (NASDAQ:PSHG) Use Debt?Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
分析記事 • Feb 02Is Performance Shipping (NASDAQ:PSHG) Using Too Much Debt?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
分析記事 • May 06There Are Some Holes In Performance Shipping's (NASDAQ:PSHG) Solid Earnings ReleaseShareholders didn't seem to be thrilled with Performance Shipping Inc.'s ( NASDAQ:PSHG ) recent earnings report...
New Risk • May 05New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 75% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (75% accrual ratio). Minor Risks High level of debt (54% net debt to equity). Market cap is less than US$100m (US$22.6m market cap).
New Risk • Mar 06New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 54% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (US$27.0m market cap).
分析記事 • Feb 06Here's What To Make Of Performance Shipping's (NASDAQ:PSHG) Decelerating Rates Of ReturnFinding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
分析記事 • Dec 05Investors Still Aren't Entirely Convinced By Performance Shipping Inc.'s (NASDAQ:PSHG) Revenues Despite 26% Price JumpPerformance Shipping Inc. ( NASDAQ:PSHG ) shares have continued their recent momentum with a 26% gain in the last month...
分析記事 • Dec 02Here's Why Performance Shipping (NASDAQ:PSHG) Has A Meaningful Debt BurdenLegendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Reported Earnings • Nov 26Third quarter 2025 earnings released: EPS: US$0.28 (vs US$0.96 in 3Q 2024)Third quarter 2025 results: EPS: US$0.28 (down from US$0.96 in 3Q 2024). Revenue: US$18.5m (down 19% from 3Q 2024). Net income: US$3.45m (down 71% from 3Q 2024). Profit margin: 19% (down from 52% in 3Q 2024). Revenue is forecast to grow 25% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings.
お知らせ • Nov 05Performance Shipping Inc., Annual General Meeting, Dec 03, 2025Performance Shipping Inc., Annual General Meeting, Dec 03, 2025, at 12:00 GTB Standard Time. Location: 373 syngrou avenue, 175 64 palaio faliro, athens, greece, Greece
New Risk • Aug 05New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (US$20.5m market cap).
Reported Earnings • Aug 01Second quarter 2025 earnings released: EPS: US$0.69 (vs US$0.79 in 2Q 2024)Second quarter 2025 results: EPS: US$0.69 (down from US$0.79 in 2Q 2024). Revenue: US$18.1m (down 12% from 2Q 2024). Net income: US$8.62m (down 11% from 2Q 2024). Profit margin: 48% (in line with 2Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 1.8% decline forecast for the Shipping industry in the US. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings.
New Risk • May 29New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 48% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$20.8m market cap).
Reported Earnings • Apr 19Full year 2024 earnings released: EPS: US$3.39 (vs US$5.43 in FY 2023)Full year 2024 results: EPS: US$3.39 (down from US$5.43 in FY 2023). Revenue: US$87.4m (down 20% from FY 2023). Net income: US$41.9m (down 26% from FY 2023). Profit margin: 48% (down from 52% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.5% decline forecast for the Shipping industry in the US.
Board Change • Mar 02Insufficient new directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Alex Papageorgiou was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Reported Earnings • Feb 21Full year 2024 earnings released: EPS: US$3.39 (vs US$5.43 in FY 2023)Full year 2024 results: EPS: US$3.39 (down from US$5.43 in FY 2023). Revenue: US$87.4m (down 20% from FY 2023). Net income: US$41.9m (down 26% from FY 2023). Profit margin: 48% (down from 52% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Shipping industry in the US.
お知らせ • Nov 20Performance Shipping Inc., Annual General Meeting, Dec 17, 2024Performance Shipping Inc., Annual General Meeting, Dec 17, 2024, at 17:00 GTB Standard Time. Location: at watson farley & williams, 348 syngrou avenue, kallithea 176-74, athens, Greece
Reported Earnings • Nov 10Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: US$0.96 (up from US$0.88 in 3Q 2023). Revenue: US$22.9m (down 5.1% from 3Q 2023). Net income: US$12.0m (up 21% from 3Q 2023). Profit margin: 52% (up from 41% in 3Q 2023). Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat.
Reported Earnings • Jul 28Second quarter 2024 earnings: EPS and revenues miss analyst expectationsSecond quarter 2024 results: EPS: US$0.79 (down from US$1.53 in 2Q 2023). Revenue: US$20.5m (down 35% from 2Q 2023). Net income: US$9.73m (down 46% from 2Q 2023). Profit margin: 47% (down from 57% in 2Q 2023). Revenue missed analyst estimates by 9.4%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Shipping industry in the US.
New Risk • Jul 26New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.9% increase in shares outstanding). Market cap is less than US$100m (US$27.0m market cap).
Reported Earnings • Jun 04First quarter 2024 earnings released: EPS: US$0.89 (vs US$0.68 in 1Q 2023)First quarter 2024 results: EPS: US$0.89 (up from US$0.68 in 1Q 2023). Revenue: US$22.4m (down 24% from 1Q 2023). Net income: US$11.0m (up 137% from 1Q 2023). Profit margin: 49% (up from 16% in 1Q 2023). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat.
Reported Earnings • Mar 10Full year 2023 earnings: EPS exceeds analyst expectationsFull year 2023 results: EPS: US$5.43. Revenue: US$108.9m (up 45% from FY 2022). Net income: US$56.9m (up 374% from FY 2022). Profit margin: 52% (up from 16% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.6%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, while revenues in the Shipping industry in the US are expected to remain flat.
お知らせ • Oct 26Sphinx Investment Corp. made a tender offer to acquire Performance Shipping Inc. (NasdaqCM:PSHG) for $34.3 million.Sphinx Investment Corp. made a tender offer to acquire Performance Shipping Inc. (NasdaqCM:PSHG) for $34.3 million on October 11, 2023. The offer price is $3 cash per share. The Board of Performance Shipping appointed a Special Committee of independent directors of the Board to approve the offer. The offer period will expire on November 8, 2023, until further extended. Robert B. Greco of Richards, Layton & Finger, P.A. and Will Vogel of Watson, Farley & Williams acted as legal counsel and Newbridge Securities Corporation acted as independent financial advisor to Richards, Layton & Finger, P.A.
New Risk • Oct 12New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). High level of non-cash earnings (62% accrual ratio). Shareholders have been substantially diluted in the past year (190% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$25.2m market cap).
分析記事 • Oct 04Performance Shipping (NASDAQ:PSHG) Is Investing Its Capital With Increasing EfficiencyIf you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to...
お知らせ • Aug 22Performance Shipping Inc. (NasdaqCM:PSHG) announces an Equity Buyback for $2 million worth of its shares.Performance Shipping Inc. (NasdaqCM:PSHG) announces a share repurchase program. Under the program, the company will repurchase up to $2 million worth of its common stock. The repurchase program will expire on August 31, 2024. As of August 18, 2023, the company had 10,910,319 outstanding common shares.
お知らせ • Aug 17Performance Shipping Inc. Regains Compliance with Nasdaq Minimum Bid Price RequirementPerformance Shipping Inc. announced that the Nasdaq Stock Market (“Nasdaq”) has confirmed that the Company has regained compliance with Nasdaq's minimum bid price requirements for continued listing on the Nasdaq Capital Market. Nasdaq’s letter noted that, as a result of the closing bid price of the Company's common shares having been at $1.00 per share or greater for at least ten consecutive business days, from August 1, 2023 through August 14, 2023, the Company has regained compliance with Nasdaq’s Listing Rule 5550(a)(2), and the matter is now closed. Commenting on this development, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “We are very pleased to have regained compliance with Nasdaq’s listing requirements as a result of an organic increase in the market price of our shares, without the need to effect a reverse stock split”.
New Risk • Aug 10New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 62% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (62% accrual ratio). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$13.7m market cap).
Reported Earnings • Jul 28Second quarter 2023 earnings released: EPS: US$1.53 (vs US$10.51 in 2Q 2022)Second quarter 2023 results: EPS: US$1.53. Revenue: US$31.5m (up 88% from 2Q 2022). Net income: US$17.9m (up 388% from 2Q 2022). Profit margin: 57% (up from 22% in 2Q 2022).
分析記事 • Jul 04There's Been No Shortage Of Growth Recently For Performance Shipping's (NASDAQ:PSHG) Returns On CapitalFinding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
Reported Earnings • Jun 25First quarter 2023 earnings released: EPS: US$0.68 (vs US$51.46 loss in 1Q 2022)First quarter 2023 results: EPS: US$0.68 (up from US$51.46 loss in 1Q 2022). Revenue: US$29.5m (up 245% from 1Q 2022). Net income: US$4.62m (up US$16.1m from 1Q 2022). Profit margin: 16% (up from net loss in 1Q 2022).
分析記事 • Mar 04Performance Shipping (NASDAQ:PSHG) Is Experiencing Growth In Returns On CapitalFinding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
Reported Earnings • Mar 01Full year 2022 earnings released: EPS: US$8.97 (vs US$30.16 loss in FY 2021)Full year 2022 results: EPS: US$8.97 (up from US$30.16 loss in FY 2021). Revenue: US$75.2m (up 106% from FY 2021). Net income: US$36.3m (up US$46.4m from FY 2021). Profit margin: 48% (up from net loss in FY 2021).
Valuation Update With 7 Day Price Move • Feb 14Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to US$2.58, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 98% over the past three years.
Valuation Update With 7 Day Price Move • Jan 24Investor sentiment deteriorates as stock falls 20%After last week's 20% share price decline to US$2.67, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 98% over the past three years.
お知らせ • Jan 14Performance Shipping Inc., Annual General Meeting, Feb 22, 2023Performance Shipping Inc., Annual General Meeting, Feb 22, 2023. Agenda: 2023 annual general meeting of shareholders.
Valuation Update With 7 Day Price Move • Jan 03Investor sentiment improved over the past weekAfter last week's 16% share price gain to US$3.54, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 97% over the past three years.
Valuation Update With 7 Day Price Move • Dec 12Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to US$3.48, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 2x in the Shipping industry in the US. Total loss to shareholders of 97% over the past three years.
Reported Earnings • Nov 19Third quarter 2022 earnings released: EPS: US$7.40 (vs US$6.43 loss in 3Q 2021)Third quarter 2022 results: EPS: US$7.40 (up from US$6.43 loss in 3Q 2021). Revenue: US$22.1m (up 137% from 3Q 2021). Net income: US$20.3m (up US$22.4m from 3Q 2021). Profit margin: 92% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue.
Board Change • Nov 16High number of new and inexperienced directorsThere are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
Seeking Alpha • Sep 30Performance Shipping to acquire Aframax tanker vessel for $35MPerformance Shipping (NASDAQ:PSHG) said Friday it will acquire the M/T Phoenix Beacon, a 105,525 dwt Aframax tanker vessel built by Hyundai Heavy Industries, from an unaffiliated third party for $35M. The vessel is fitted with a ballast water treatment system and its next scheduled special survey is not due till 2026. The M/T Phoenix Beacon is expected to be delivered to PSHG by early Dec. and will be renamed M/T P. Monterey. PSHG expects to fund the acquisition with cash on hand and debt through a new senior secured facility that it expects to enter into prior to the vessel's delivery. The latest acquisition expands PSHG's Aframax fleet from five to eight vessels in six months. "We intend to fund this acquisition with bank debt of ~$30M and the rest from available cash, still maintaining a modest overall level of financial leverage fleetwide. With the delivery of the two newly acquired Aframax tankers during Q4, our fleet will be well positioned to potentially generate significant cash flow moving forward," said PSHG CEO Andreas Michalopoulos.
Seeking Alpha • Sep 22Performance Shipping announces time charter contract for LR2 Aframax oil product tankerPerformance Shipping (NASDAQ:PSHG) said Thursday it entered into a time charter contract with Trafigura Maritime Logistics for the LR2 Aframax oil product tanker the M/T Alpine Amalia, to be renamed P. Aliki. The gross charter rate will be $45K per day for a minimum of seven months to a maximum of ten months at the option of Trafigura and will start after the vessel's delivery to PSHG expected in Nov. The charter is expected to generate ~$9.5M-$13.7M in gross revenue, depending on the duration of the charter.
Seeking Alpha • Aug 22Performance Shipping terminates ATM offering agreement with H.C. WainwrightShipping company Performance Shipping (NASDAQ:PSHG) has terminated an at-the-market offering agreement with H.C. Wainwright & Co., effective Aug. 23. PSHG said it does not intend to raise additional capital or sell additional shares under the ATM agreement. The company issued and sold 526,916 shares prior to the termination of the offering, raising net proceeds of ~$1.3M. Shares were trading +11.79% pre-market. Source: Press Release
Seeking Alpha • Aug 12Performance Shipping plummets on pricing $15M in stock offeringPerformance Shipping (NASDAQ:PSHG) entered into a securities purchase agreement with several institutional investors to purchase ~33.3M of its shares and warrants at a purchase price of $0.45 per share and accompanying warrant in a registered direct offering. The warrants will be immediately exercisable, will expire five years from issuance date and will have an initial exercise price of $0.45/share. Gross proceeds estimated to be ~$15M. The Offering is expected to close on or about Aug16, 2022.
分析記事 • Aug 12Health Check: How Prudently Does Performance Shipping (NASDAQ:PSHG) Use Debt?Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Reported Earnings • Aug 06Second quarter 2022 earnings released: EPS: US$4.37 (vs US$0.53 loss in 2Q 2021)Second quarter 2022 results: EPS: US$4.37 (up from US$0.53 loss in 2Q 2021). Revenue: US$16.7m (up 83% from 2Q 2021). Net income: US$22.9m (up US$25.5m from 2Q 2021).
Seeking Alpha • Aug 04Performance Shipping GAAP EPS of $0.10, revenue of $16.71MPerformance Shipping press release (NASDAQ:PSHG): Q2 GAAP EPS of $0.10. Revenue of $16.71M (+83.2% Y/Y). Shares -3% PM.
Seeking Alpha • Jul 28Performance Shipping charters M/T Blue Moon tanker vessel for $23K/dayPerformance Shipping (NASDAQ:PSHG) has entered into a time charter deal with Teekay Chartering for M/T Blue Moon, one of its Aframax tanker vessels. The 2011-built, 104,623 DWT vessel was chartered at $23K/day for 24 months +/-30 days at the option of the charterer. The contract commenced on July 27, 2022 and is expected to generate ~$16.8M in gross revenue. Shares have opened today's trading with a gain, currently up 13%
Seeking Alpha • Jul 18Performance receives Nasdaq notification regarding minimum bid price requirementPerformance Shipping (NASDAQ:PSHG) received Nasdaq notification dated July 13, 2022, regarding minimum bid price requirement. The company has grace period of 180 days or until January 9, 2023 to regain compliance. If the company fails to regain compliance with the minimum bid price requirement within the grace period, the company may be eligible for an additional 180 day grace period to regain compliance. The company will monitor the closing bid price of its common stock during this grace period and will consider its options to cure the deficiency. Shares +4.15% premarket
Reported Earnings • Jul 05First quarter 2022 earnings released: US$3.43 loss per share (vs US$0.57 loss in 1Q 2021)First quarter 2022 results: US$3.43 loss per share (down from US$0.57 loss in 1Q 2021). Revenue: US$8.57m (up 2.0% from 1Q 2021). Net loss: US$11.5m (loss widened 302% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings.
Seeking Alpha • Jul 05Performance Shipping takes delivery of Aframax Tanker VesselPerformance Shipping (NASDAQ:PSHG), through a separate wholly-owned subsidiary, it has taken delivery of the M/T P. Sophia, a 2009-built Aframax tanker of 105,071 dwt, that the company entered into an agreement to purchase in June 2022. This increases the fleet size to a total of six Aframax Tankers, all currently operating in the firm spot charter market.
Seeking Alpha • Jun 29Performance Shipping GAAP EPS of -$3.43, revenue of $8.57MPerformance Shipping press release (NASDAQ:PSHG): Q1 GAAP EPS of -$3.43. Revenue of $8.57M (+2.0% Y/Y).
Seeking Alpha • May 30Performance Shipping: Equity Offering Dilutes Common Shareholders At A 95% Discount To Net Asset Value - SellDiscussing onerous terms of last week's equity offering and updating net asset value estimates. Providing additional details on the company's recent exchange offer. Friday's sell-off will likely result in the requirement to conduct another reverse stock split next year. Expect the company to announce a new second-hand vessel acquisition soon. Going forward, Performance Shipping's common shares might still provide some decent trading opportunities from time to time but long-term investors shouldn't touch the stock with a ten-foot pole.
Price Target Changed • Apr 27Price target decreased to US$6.00Down from US$11.00, the current price target is provided by 1 analyst. New target price is 123% above last closing price of US$2.69. Stock is down 44% over the past year. The company posted a net loss per share of US$2.01 last year.
Board Change • Apr 27High number of new and inexperienced directorsThere are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
Board Change • Apr 01High number of new and inexperienced directorsThere are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
Reported Earnings • Mar 16Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2021 results: US$1.93 loss per share (down from US$0.76 profit in FY 2020). Revenue: US$36.5m (down 13% from FY 2020). Net loss: US$9.71m (down 362% from profit in FY 2020). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 3.0%. Over the next year, revenue is expected to shrink by 20% compared to a 11% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings.
Board Change • Mar 09High number of new and inexperienced directorsThere are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Chairperson Aliki Paliou is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.
Seeking Alpha • Jan 27Assessing Performance Shipping's Extended Tender OfferPerformance Shipping launched and recently updated a tender offer to convert 80% of the common ultimately to preferred C shares. The offer shifts value from the common share to the preferred shares. Shareholders should consider the terms when deciding whether or not to tender.
Seeking Alpha • Jan 07Performance Shipping - Assessing Recent Common Share Exchange OfferCompany offers to exchange 80% of outstanding common shares into newly issued Series B Preferred Shares. Exchange value amounts to $7 per common share. Annual dividend yield would calculate to approximately 8% at prevailing common share prices. Each Series B Preferred Share will be convertible into two supervoting Series C Preferred Shares for additional cash consideration of $7.50 per converted Series B Share. The company's largest shareholder has indicated its intent to ultimately convert its 46.3% stake into supervoting Series C Preferred shares thus resulting in approximately $5 million in cash proceeds to the company. Highly speculative investors might consider the common shares given heavily discounted valuation and prospects for a recovery of the crude tanker markets later this year.
Reported Earnings • Nov 12Third quarter 2021 earnings released: US$0.43 loss per share (vs US$0.079 profit in 3Q 2020)The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: US$9.33m (down 2.2% from 3Q 2020). Net loss: US$2.16m (down US$2.55m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 132% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings.
Reported Earnings • Sep 11Second quarter 2021 earnings released: US$0.53 loss per share (vs US$0.94 profit in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$9.12m (down 43% from 2Q 2020). Net loss: US$2.65m (down 157% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 139% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings.
Reported Earnings • Jul 31Second quarter 2021 earnings released: US$0.53 loss per share (vs US$0.94 profit in 2Q 2020)The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$9.12m (down 43% from 2Q 2020). Net loss: US$2.65m (down 157% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 136% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings.
Reported Earnings • May 23First quarter 2021 earnings released: US$0.57 loss per share (vs US$0.59 profit in 1Q 2020)The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$8.40m (down 38% from 1Q 2020). Net loss: US$2.85m (down 202% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings.
Valuation Update With 7 Day Price Move • May 22Investor sentiment improved over the past weekAfter last week's 16% share price gain to US$4.93, the stock trades at a trailing P/E ratio of 6.5x. Average forward P/E is 7x in the Shipping industry in the US. Total loss to shareholders of 69% over the past three years.
分析記事 • May 06Performance Shipping (NASDAQ:PSHG) Shareholders Will Want The ROCE Trajectory To ContinueIf we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
Valuation Update With 7 Day Price Move • Apr 17Investor sentiment deteriorated over the past weekAfter last week's 15% share price decline to US$4.80, the stock trades at a trailing P/E ratio of 6.3x. Average forward P/E is 6x in the Shipping industry in the US. Total loss to shareholders of 67% over the past three years.
Valuation Update With 7 Day Price Move • Mar 16Investor sentiment improved over the past weekAfter last week's 15% share price gain to US$5.66, the stock trades at a trailing P/E ratio of 7.4x, up from the previous P/E ratio of 6.5x. Average P/E is 16x in the Shipping industry in the US. Total return to shareholders over the past three years was a loss of 71%.
分析記事 • Mar 12We Think That There Are Issues Underlying Performance Shipping's (NASDAQ:PSHG) EarningsDespite posting some strong earnings, the market for Performance Shipping Inc.'s ( NASDAQ:PSHG ) stock hasn't moved...
Is New 90 Day High Low • Feb 06New 90-day high: US$5.85The company is up 32% from its price of US$4.44 on 06 November 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 48% over the same period.
分析記事 • Feb 02Is Performance Shipping (NASDAQ:PSHG) Using Too Much Debt?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
分析記事 • Dec 11Can Performance Shipping (NASDAQ:PSHG) Continue To Grow Its Returns On Capital?What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common...
Reported Earnings • Nov 20Third quarter 2020 earnings released: EPS US$0.079The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$9.54m (up 53% from 3Q 2019). Net income: US$389.0k (up US$18.5m from 3Q 2019). Profit margin: 4.1% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings.
Is New 90 Day High Low • Oct 16New 90-day low: US$0.54The company is down 13% from its price of US$0.62 on 17 July 2020. The American market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 11% over the same period.