Performance Shipping Reports Financial Results for Q2 and H1 2019

0
343
Image used for representational purposes only (Image Courtesy: IndiaInfoline)

Performance Shipping Inc. (NASDAQ: DCIX) on Monday reported a net loss of $1.6 million for the second quarter of 2019, compared to a net loss of $42.3 million for the same period of 2018.

The loss for the second quarter of 2019 includes $0.3 million of impairment charges of one vessel, while the loss for the second quarter of 2018 includes $15.6 million of impairment charges of one vessel and $19.0 million of aggregate loss on sale of three vessels.

Time charter revenues were $4.5 million for the second quarter of 2019, compared to $6.3 million for the same period of 2018. This decrease was primarily due to the decrease in size of the Company’s fleet, and was partially offset by the increased time charter rates achieved as a result of improved market conditions.

Net loss for the six months ended June 30, 2019, amounted to $1.7 million, compared to a net loss of $46.2 million for the six months ended June 30, 2018.

The loss for the six months ended June 30, 2019 includes $0.3 million of impairment charges of one vessel, while the loss for the six months ended June 30, 2018 includes $15.6 million of impairment charges of one vessel and $16.7 million of aggregate loss on sale of six vessels.

Time charter revenues for the six months ended June 30, 2019, amounted to $10.0 million, compared to $14.3 million for the six months ended June 30, 2018.

Sea News, July 30

Baibhav Mishra
Author: Baibhav Mishra