Performance Shipping Inc. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Performance Shipping Inc. has submitted its annual 20-F filing detailing financial performance for the fiscal year ending December 31, 2023.</b>

AI Summary

Performance Shipping Inc. (PSHG) filed a Foreign Annual Report (20-F) with the SEC on March 28, 2024. Performance Shipping Inc. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company was formerly known as Diana Containerships Inc. and changed its name on January 15, 2010. The report includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Preferred Stock, Common Stock, Retained Earnings, and Additional Paid-In Capital are detailed for these periods.

Why It Matters

For investors and stakeholders tracking Performance Shipping Inc., this filing contains several important signals. This 20-F filing provides investors with a comprehensive overview of the company's financial health and operational performance for the past fiscal year. The detailed financial data allows stakeholders to assess the company's financial position, including changes in equity and retained earnings, and compare performance across multiple years.

Risk Assessment

Risk Level: low — Performance Shipping Inc. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant negative financial news or operational disclosures that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and any management discussion within the full 20-F filing to understand the company's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 20-F filing)
• 2024-03-28 — Filing Date (Date the 20-F was filed)
• 2023 — Fiscal Year (Primary year for financial data presented)
• 2022 — Fiscal Year (Comparative year for financial data)
• 2021 — Fiscal Year (Comparative year for financial data)

Key Players & Entities

• Performance Shipping Inc. (company) — Filer of the 20-F report
• Diana Containerships Inc. (company) — Former name of Performance Shipping Inc.
• 2023-12-31 (date) — Fiscal year end date
• 2024-03-28 (date) — Filing date

FAQ

Industry Context

Performance Shipping Inc. operates in the deep-sea foreign transportation of freight industry, which is subject to global trade dynamics and shipping rates.

Regulatory Implications

As a foreign private issuer, Performance Shipping Inc. files an annual report on Form 20-F with the SEC, which is a comprehensive disclosure document.

What Investors Should Do

1. Analyze the detailed financial statements within the 20-F for revenue, net income, and balance sheet items.
2. Review any disclosures regarding debt, equity, and preferred stock structures.
3. Compare the 2023 financial data against the provided 2022 and 2021 figures to identify trends.

Key Dates

• 2024-03-28: Filing of 20-F — Annual report submission for the fiscal year 2023
• 2023-12-31: Fiscal Year End — End date for the reporting period
• 2010-01-15: Name Change — Date Performance Shipping Inc. adopted its current name from Diana Containerships Inc.

Year-Over-Year Comparison

This filing is the annual 20-F report for the fiscal year ended December 31, 2023, providing updated financial information compared to previous filings.

Key Financial Figures

• $0.01 — nge on which registered Common shares, $0.01 par value, including the Preferred stoc
• $0 — registrant's common shares , par value $0.01, outstanding, 50,726 shares of the r

Filing Documents

• ef20015302_20f.htm (20-F) — 2836KB
• ef20015302_ex1-10.htm (EX-1.10) — 20KB
• ef20015302_ex2-5.htm (EX-2.5) — 134KB
• ef20015302_ex4-6.htm (EX-4.6) — 1554KB
• ef20015302_ex4-9.htm (EX-4.9) — 323KB
• ef20015302_ex4-10.htm (EX-4.10) — 329KB
• ef20015302_ex8-1.htm (EX-8.1) — 10KB
• ef20015302_ex11-1.htm (EX-11.1) — 28KB
• ef20015302_ex12-1.htm (EX-12.1) — 8KB
• ef20015302_ex12-2.htm (EX-12.2) — 8KB
• ef20015302_ex13-1.htm (EX-13.1) — 4KB
• ef20015302_ex13-2.htm (EX-13.2) — 4KB
• ef20015302_ex15-1.htm (EX-15.1) — 4KB
• ef20015302_ex15-2.htm (EX-15.2) — 3KB
• ef20015302_ex97-1.htm (EX-97.1) — 42KB
• image00003.jpg (GRAPHIC) — 5KB
• image00004.jpg (GRAPHIC) — 6KB
• image00005.jpg (GRAPHIC) — 5KB
• 0001140361-24-015921.txt (&nbsp;) — 14601KB
• pshg-20231231.xsd (EX-101.SCH) — 80KB
• pshg-20231231_cal.xml (EX-101.CAL) — 92KB
• pshg-20231231_def.xml (EX-101.DEF) — 482KB
• pshg-20231231_lab.xml (EX-101.LAB) — 1114KB
• pshg-20231231_pre.xml (EX-101.PRE) — 682KB
• ef20015302_20f_htm.xml (XML) — 1499KB

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 78 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 79 PART I 79 Item 13. Defaults, Dividend Arrearages and Delinquencies 79 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 79 Item 15.

Controls and Procedures

Controls and Procedures 79 Item 16. [Reserved] 80 Item 16A. Audit Committee Financial Expert 80 Item 16B. Code of Ethics 80 Item 16C. Principal Accountant Fees and Services 80 Item 16D. Exemptions from the Listing Standards for Audit Committees 80 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 81 Item 16F. Change in Registrant's Certifying Accountant 81 Item 16G. Corporate Governance 81 Item 16H. Mine Safety Disclosure 81 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 81 Item 16J. Insider Trading Policies 81 Item 16K. Cybersecurity 82 PART III 83 Item 17.

Financial Statements

Financial Statements 83 Item 18.

Financial Statements

Financial Statements 83 Item 19. Exhibits 1 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Matters discussed in this annual report on Form 20-F and the documents incorporated by reference may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, underlying assumptions, and other statements, which are other than statements of historical facts. Performance Shipping Inc., or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This document and any other written or oral statements made by the Company or on its behalf may include forward-looking statements, which reflect its current views with respect to future events and financial performance, and are not intended to give any assurance as to future results. When used in this document, the words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect," "targets," "likely," "would," "could," "seeks," "continue," "possible," "might," "pending," and similar expressions, terms, or phrases may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements in this document are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in its records, and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumption

Risk Factors

Risk Factors Some of the following risks relate principally to the industry in which we operate and our business in general. Other risks relate principally to the securities market and ownership of our shares. The occurrence of any of the events described in this section could significantly and negatively affect our business, financial condition, or operating results, or the trading price of our common shares. 3 Table of Contents Summary of Risk Factors Below is a summary of the principal factors that make an investment in our common shares speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the headings "Industry Specific Risk Factors," "Company Specific Risk Factors," and "Risks Relating to our Common Shares and Preferred Shares" and should be carefully considered, together with other information in this annual report and our other filings with the SEC before making an investment decision regarding our common shares. Industry Specific Risk Factors The international tanker industry has historically been both cyclical and volatile. An over-supply of tanker capacity may lead to a reduction in charter rates, vessel values, and profitability. Our results of operations are subject to seasonal fluctuations, which may adversely affect our financial condition. If economic conditions throughout the world continue to deteriorate or become more volatile, it could have an adverse impact on our operations and financial results. Tanker vessel values may fluctuate due to economic and technological factors, which may adversely affect our financial condition, or result in the incurrence of a loss upon disposal of a tanker vessel, impairment losses, or increases in the cost of acquiring additional tanker vessels. An increase in operating costs could adversely affect our cash flows and financial condition. Risi

View Full Filing

View this 20-F filing on SEC EDGAR