Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, reported net income of $10.4 million and net income attributable to common stockholders of $9.9 million for the third quarter of 2023. The 2023 third quarter results compared to a net income of $10.7 million and net income attributable to common stockholders of $10.4 million for the same period in 2022. Earnings per share, basic and diluted, for the third quarter of 2023 were $0.88 and $0.27, respectively.
Revenue was $24.1 million ($23.4 million net of voyage expenses) for the third quarter of 2023, compared to $22.1 million ($18.8 million net of voyage expenses) for the same period in 2022. This increase was attributable to the increase in ownership days, which more than offset the slight decrease in time-charter equivalent rates (“TCE rates”) achieved during the quarter. Fleetwide, the average TCE rate for the third quarter of 2023 was $31,787, compared with an average rate of $34,411 for the same period in 2022. During the third quarter of 2023, net cash provided by operating activities was $17.9 million, compared with net cash provided by operating activities of $11.8 million for the third quarter of 2022.
Net income for the nine months ended September 30, 2023, amounted to $44.5 million, compared to a net income of $12.5 million for the nine months ended September 30, 2022. Net income attributable to common stockholders for the nine months ended September 30, 2023, amounted to $32.4 million, and resulted in earnings per share, basic and diluted, of $3.26 and $1.25, respectively. Net income attributable to common stockholders for the nine months ended September 30, 2022, amounted to $2.6 million, and resulted in earnings per common share, basic and diluted, of $2.35 and $0.60, respectively. Net income for the nine-month periods ended September 30, 2023 and 2022, has been adjusted to arrive at net income attributable to common stockholders mainly by aggregate non-cash items of $10.6 million and $9.3 million, respectively, as per US GAAP accounting standards, which do not affect the Company’s operating cash flows.
Source: Performance Shipping Inc.