Performance Shipping Inc. Reports First Quarter Net Loss of 0.2 million

Performance Shipping Inc., a global shipping company specializing in the ownership of containerships, reported a net loss of $0.2 million for the first quarter of 2019, compared to a net loss of $3.9 million for the same period of 2018.

Time charter revenues were $5.5 million for the first quarter of 2019, compared to $8.0 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.

As of May 9, 2019, the Company had 26,753,851 shares of common stock issued and outstanding. The Company has been advised by the Nasdaq Stock Market LLC (“Nasdaq”) that its common shares, which trade on the Nasdaq under the symbol “DCIX,” have regained compliance with the minimum bid price requirements under Nasdaq Listing Rule 5450(a)(1).

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