Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”),
a global shipping company specializing in the ownership of tanker
vessels, today announced the successful completion of the US$2
million share repurchase plan announced in April 2023 (the “April
Plan”). Under this plan, the Company repurchased a total of
2,222,936 common shares for a total amount of approximately
US$2 million.
Additionally, the Company announced that its
Board of Directors has approved a new share repurchase plan (the
“Plan”). Under the Plan, the Company may repurchase up to $2
million of its outstanding common shares, representing
approximately 12.2% of its market capitalization based on
10,910,319 outstanding common shares and the share price as of
the close of trading on Friday, August 18, 2023.
Andreas Michalopoulos, the Company’s Chief Executive Officer,
stated:
“We are pleased to announce the completion of
our initial share buyback program announced on April 4, 2023, which
resulted in the reduction of our outstanding shares by 17.7%. We
plan on further enhancing shareholder value by buying shares
gradually and opportunistically with our renewed share buyback
plan.”
About the Plan
The Company may repurchase common shares
pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, as
amended, or pursuant to a trading plan adopted in accordance with
Rule 10b5‐1 of the Securities Exchange Act of 1934.
Any repurchases pursuant to the Plan will be
made at management’s discretion at prices considered to be
attractive and in the best interests of both the Company and its
shareholders, subject to the availability of stock, general market
conditions, the trading price of the stock, alternative uses for
capital, applicable securities laws and the Company’s financial
performance. The Plan may be suspended, terminated, or modified at
any time for any reason, including market conditions, the cost of
repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The Plan does not obligate the Company to purchase any
of its shares under the Plan. The Board of Directors’ authorization
of the Plan is effective immediately and expires on August 31,
2024.
About the Company
Performance Shipping Inc. is a global provider
of shipping transportation services through its ownership of tanker
vessels. The Company employs its fleet on spot voyages, through
pool arrangements and on time charters.
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include, but are not limited to,
statements regarding the proposed share repurchase plan and
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts,
including with respect to the delivery of the vessel we have agreed
to acquire.
The words “believe,” “anticipate,” “intends,”
“estimate,” “forecast,” “project,” “plan,” “potential,” “will,”
“may,” “should,” “expect,” “targets,” “likely,” “would,” “could,”
“seeks,” “continue,” “possible,” “might,” “pending” and similar
expressions, terms or phrases may identify forward-looking
statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including, without
limitation, our management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs, or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include, but are not limited to: the strength of world
economies, fluctuations in currencies and interest rates, general
market conditions, including fluctuations in charter rates and
vessel values, changes in demand in the tanker shipping industry,
changes in the supply of vessels, changes in worldwide oil
production and consumption and storage, changes in our operating
expenses, including bunker prices, crew costs, drydocking and
insurance costs, our future operating or financial results,
availability of financing and refinancing including with respect to
vessels we agree to acquire, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, the length and severity of
epidemics and pandemics, including the ongoing outbreak of the
novel coronavirus (COVID-19) and its impact on the demand for
seaborne transportation of petroleum and other types of products,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions
or events, including “trade wars”, armed conflicts including the
war in Ukraine, the imposition of new international sanctions, acts
by terrorists or acts of piracy on ocean-going vessels, potential
disruption of shipping routes due to accidents, labor disputes or
political events, vessel breakdowns and instances of off-hires and
other important factors. Please see our filings with the U.S.
Securities and Exchange Commission for a more complete discussion
of these and other risks and uncertainties.
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
Performance Shipping (NASDAQ:PSHG)
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