Performance Shipping news

Industry Discussions Shipping News
1

I have not followed Performance Shipping (PSHG) too closely in recent. What I do know is that the entity was previously part of Diana Shipping (DSX). The latter was/is a dry bulk shipping company, and had decided to add some smaller container vessels. The small fleet of container vessels got spun off into a separate listed entity, Diana Container (DCIX). Abbreviated story here–

Performance Shipping (PSHG) was just a name change to indicate a change of sector focus. In a few years, the company has grown its fleet of second-hand tankers to six vessels. The company also placed an order for 3 dual fueled LR2 vessels, two of which delivered in the past few months. The company also has an order for an LR1 vessel. Just this past week, PSHG announced the acquisition of two 2019-built Suezmax vessels.

So 8 vessels (on-the-water), 2 more to deliver in the next few months, and two newbuilds to deliver, one in 2026, one in 2027.

1 Like
2

BTW, there is a major reason to avoid PSHG common shares - stacked equity in the form of preferred shares. There are two classes of preferred shares. The Class C preferred is owned by Palios daughter, Aliki. I don’t know about the Class D shares. But, it would not surprise me if these are also owned, directly or indirectly, by the Palios family.