Performance Shipping stock moves as tanker rates and shelf risk come into focus
Performance Shipping Inc. shares rose 1.2% to $1.73 on the Nasdaq Wednesday, bucking a broader U.S. market decline. The Greek tanker owner reported Q1 revenue of $33.8 million, up from $21.3 million, but net income fell to $10.2 million due to a lack of vessel sale gains. The company holds nearly $500 million in revenue backlog and can issue up to $250 million in new securities under an effective SEC shelf registration.