Performance Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2019

Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of vessels, today reported a net loss of $12.2 million for the fourth quarter of 2019, compared to a net loss of $0.4 million for the same period of 2018. The loss for the fourth quarter of 2019 includes $13.9 million of impairment charges for one vessel, without which the result for the quarter would have been net income of $1.7 million. The loss for the fourth quarter of 2018 includes $0.3 million of impairment charges for one vessel, without which the result for the quarter would have been a net loss of $0.1 million.

Voyage and time charter revenues were $10.6 million for the fourth quarter of 2019, compared to $6.1 million for the same period of 2018. This increase is mainly attributable to the revenues contributed by the tanker vessels “Blue Moon” and “Briolette”, acquired in August and November 2019, respectively, and is partially off-set by the decreased revenues of the container vessels “Pamina” and “Pucon”, following their sale in October and November 2019, respectively.

Net loss for the year ended December 31, 2019, amounted to $32.1 million, compared to a net loss of $52.9 million for the year ended December 31, 2018. The loss for 2019 includes $31.6 million of impairment charges for three vessels and $0.1 million of loss on the sale of two vessels, without which the result for the year would have been a net loss of $0.4 million. The loss for 2018 includes $20.7 million of impairment charges for two vessels and $16.7 million of aggregate loss on the sale of seven vessels, without which the result for the year would have been a net loss of $15.5 million. Voyage and time charter revenues for the year ended December 31, 2019, amounted to $26.8 million, compared to $25.6 million for the year ended December 31, 2018.

Commenting on the results of the fourth quarter of 2019, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer stated:

“We are very excited about Performance Shipping Inc.’s increased tanker presence, which has contributed to turning the Company profitable by $1.7 million this quarter, excluding the non-cash accounting impairment losses of $13.9 million associated with the reduction of our exposure to the container segment.”

As of January 27, 2020, the Company had 49,021,001 shares of common stock issued and outstanding.
Delivery of the M/T P. Fos

Separately, the Company announced that on January 27, 2020, through a separate wholly-owned subsidiary, it took delivery of the M/T P. Fos (formerly M/T Virgo Sun), a 2007-built Aframax tanker vessel of 115,577 dwt that the Company entered into an agreement to purchase in November 2019. 

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