Performance Shipping Inc. Announces a US$30,000 per day Time Charter Contract for About 24 Months

Athens, Greece - October 27, 2022

Performance Shipping Inc. (NASDAQ: PSHG) ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ST Shipping & Transport Pte Ltd. (the "Charterer"), a wholly-owned subsidiary of Glencore, for its vessel M/T P. Yanbu.

The gross charter rate will be US$30,000 per day for a period of twenty-four (24) months +/- 45 days at the option of the Charterer and is expected to commence in December 2022.

This charter will generate approximately US$20.6 million of gross revenue for the minimum duration of the charter.

The M/T P. Yanbu is a 105,391 dwt Aframax tanker vessel built in 2011 by Sumitomo Heavy Industries Marine & Engineering Co. Ltd.

Commenting on this charter, Andreas Michalopoulos, the Company's Chief Executive Officer, stated:

"With the P. Yanbu charter we now have three of our Aframax tankers under contract at very attractive charter rates ranging from $23,000 to $45,000 per day and with very reputable, credit-worthy counterparties.

The terms of our three charters are also staggered with maturities commencing mid-2023, mid- and late 2024, providing strong cashflow over and above our daily cash breakeven rates.

This steady and predictable revenue is further supplemented by the remaining four Aframax tankers in our fleet, which are operating in the spot market through their participation in pools and currently earning in excess of $40,000 per vessel per day."

Performance Shipping Inc. press release

M/T P. Yanbu.   Image by Performance Shipping Inc.