Performance Shipping Inc. Announces First Quarter 2020 Earnings Guidance Due to Unprecedented Circumstances

Performance Shipping Inc., a global shipping company specializing in the ownership of vessels, today announced that it expects basic earnings per share for the quarter ending March 31, 2020, to be within a range of $0.01 to $0.03 per share. The Company also announced that as of March 31, 2020 and April 30, 2020, cash and cash equivalents amounted to $14.2 million and $27.5 million, respectively. The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are primarily held in U.S. dollars. Long-term debt outstanding under the Company’s facility with Nordea as of March 31, 2020 amounted to $56.7 million.

The Company stated that it is providing guidance for the first quarter of 2020 due to the unprecedented circumstances related to the COVID-19 pandemic, and has not determined whether to provide such guidance for future periods.

During the quarter ended March 31, 2020, the Company purchased an aggregate of 452,768 shares of its common stock under its previously announced share buyback program at an average price per share of $0.81.

As of April 30, 2020, the Company had 50,520,385 shares of common stock issued and outstanding.