Performance Shipping announces new share repurchase programme
Performance Shipping Inc., a Nasdaq-listed tanker shipping company, has announced that its Board of Directors has approved a new share repurchase programme authorising the company to buy back up to $4 million of its outstanding common shares.
The authorisation takes effect immediately and will remain valid until June 30, 2027. Under the programme, Performance Shipping may repurchase shares through transactions conducted in accordance with applicable US securities regulations, including Rule 10b-18 of the Securities Exchange Act of 1934 or a trading plan established under Rule 10b5-1.
The company said any repurchases would be undertaken at management’s discretion, depending on market conditions, the trading price of its shares, available liquidity and alternative uses of capital. Purchases would be considered when management determines that prevailing share prices represent an attractive opportunity for the company and its shareholders.
The timing and extent of any transactions will also depend on Performance Shipping’s financial performance, the availability of shares and applicable securities laws. The company retains the flexibility to adjust its approach as market conditions and investment priorities evolve.
Importantly, the programme does not require Performance Shipping to repurchase any minimum number of shares or spend the full authorised amount. The Board may suspend, modify or terminate the programme at any time, including in response to changes in liquidity, market conditions or alternative investment opportunities.
The authorisation provides Performance Shipping with an additional capital allocation option alongside its existing shipping operations and investment activities. However, the announcement does not confirm that any share repurchases have already been executed.
Performance Shipping, which trades on Nasdaq under the ticker PSHG, specialises in the ownership of tanker vessels. The company has not specified a target number of shares to be repurchased or a timetable for individual transactions within the authorised period.
