Greek tanker owner and Nasdaq listed Performance Shipping Inc. has reported a net income of $15.7 million and net income attributable to common stockholders of $4.6 million for Q1 2023.
The company inform that the net income attributable to common stockholders for the three-month period ended March 31, 2023, has been adjusted by aggregate non-cash items of $10.6 million, as per US GAAP accounting standards, which do not affect the Company’s operating cash flows, EBITDA or performance overall.
The Q1 2023 results can be compared to a net loss of $2.1 million and net loss attributable to common stockholders of $11.5 million for the same period in 2022. Earnings per share, basic and diluted, for the Q1 2023 were $0.68 and $0.55, respectively, while loss per share for the first quarter of 2022 was $51.46 the company inform.
Revenue was $29.5 million ($28.0 million net of voyage expenses) for the Q1 2023, compared to $8.6 million ($5.2 million net of voyage expenses) for the same period in 2022.
The company states that this increase was attributable to the increased time-charter equivalent rates (TCE rates) achieved during the quarter. Fleetwide, it was mentioned that the average time charter equivalent rate for Q1 2023 was $41,157, compared with an average rate of $12,352 for the same period in 2022.
During Q1 2023, net cash provided by operating activities was $18.7 million, compared with net cash used in operating activities of $3.9 million for the first quarter of 2022.
Performance Shipping owns and operates eight Aframax tankers, as well as one newbuild tanker vessel which the Company expects to take delivery of in the fourth quarter of 2025.