Stock Value
About Performance Shipping
Performance Shipping Inc. provides global shipping transportation services through the ownership of tanker vessels.
As of December 31, 2022, the company's fleet consisted of eight Aframax tanker vessels, with a combined carrying capacity of 851,825 DWT and a weighted average age of approximately 12.4 years, and also one newbuild LR2/Aframax tanker vessel of which it expects to take delivery in 2025.
The company operates its fleet through Unitized Ocean Transport Limited (the 'Manager' or 'UOT'), a wholly-owned subsidiary.
Business Development
In June 2022, the company acquired the tanker vessel P. Sophia.
In August 2022, the company acquired the tanker vessel P. Aliki.
In September 2022, the company acquired the tanker vessel P. Monterey.
On October 17, 2022, the company entered into a stock purchase agreement with Mango Shipping.
In November 2022, the company acquired the tanker vessel P. Long Beach.
On December 9, 2022, the company entered into an ATM Sales Agreement with Virtu Americas LLC.
Business Strategy
The key elements of the company's strategy are to operate a fleet of modern, high specification tanker vessels that include high cargo-carrying capacity and competitive fuel efficiency; grow sector presence; acquire younger vessels as the company disposes of its older ones to continuously renew and replace its fleet; and grow its fleet primarily through selective acquisitions of secondhand tanker vessels from unaffiliated third parties.
Customers
The company's customers include national, regional, and international companies, such as Aramco Trading Company, Dhahran, Saudi Arabia, BP Singapore PTE LTD, Reliance Industries Limited, Nayara Energy Limited, Trafigura. In 2021, two of the company's charterers accounted for 43% of its revenues: Aramco Trading Company, Dhahran, Saudi Arabia (26%) and Vitol (17%).
Environmental and Other Regulations in the Shipping Industry
A variety of government and private entities subject the company's vessels to both scheduled and unscheduled rigorous inspections. These entities include the local port authorities (applicable national authorities, such as the Ports State Controls (PSC) or the United States Coast Guard (USCG), harbor master or equivalent), classification societies, flag state administrations (countries of registry), and particularly the charterers through the SIRE inspection regime and terminal inspections.
The company's vessels are in substantial compliance with the Safety of Life at Sea of 1974 (SOLAS) and the Convention of Limitation of Liability for Maritime Claims (LLMC) standards.
Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the 'ISM Code'), the company's operations are also subject to environmental standards and requirements.
The company has obtained applicable documents of compliance for its offices and safety management certificates for all of its vessels for which the certificates are required by the IMO (International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels).
All of the company's vessels have obtained Anti-fouling System Certificates per the Anti-fouling Convention.
The U.S. Environmental Protection Agency and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on the company's vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict the company's vessels from entering the U.S. Waters.
History
The company was founded in 2010. It was incorporated under the laws of the Republic of the Marshall Islands in 2010. The company was formerly known as Diana Containerships Inc. and changed its name to Performance Shipping Inc. in 2019.
