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Athens, Greece - November 14, 2022 Performance Shipping Inc. (NASDAQ: PSHG) (the "Company"), a global shipping company specializing in the ownership of tanker vessels, today reported a record net income from continuing and discontinued operations of $10.7 million and net income from continuing and discontinued operations attributable to common stockholders of $10.4 million for the third quarter of 2022, compared to a net loss from continuing and discontinued operations and net loss from continuing and discontinued operations attributable to common stockholders of $2.2 million for the same period in 2021. Earnings per share, basic and diluted, for the third quarter of 2022 was $0.26 and $0.10, respectively, while loss per share for the third quarter of 2021 was $0.43. Revenue from continuing and discontinued operations was $22.1 million ($18.8 million net of voyage expenses) for the third quarter of 2022, compared to $9.3 million ($4.3 million net of voyage expenses) for the same period in 2021. This increase was attributable to the increased time-charter equivalent rates (TCE rates) achieved during the quarter. Fleetwide, the average time charter equivalent rate for the third quarter of 2022 was $34,411, compared with an average rate of $9,335 for the same period in 2021. During the third quarter of 2022, net cash provided by operating activities of continuing and discontinued operations was $11.8 million, compared with $0.2 million for the third quarter of 2021. Net income from continuing and discontinued operations for the nine months ended September 30, 2022 amounted to $12.5 million, compared to a net loss from continuing and discontinued operations of $7.7 million for the nine months ended September 30, 2021. Net income from continuing and discontinued operations attributable to common stockholders for the nine months ended September 30, 2022 amounted to $2.6 million, and resulted in earnings per share, basic and diluted, of $0.16 and $0.04, respectively. Net loss from continuing and discontinued operations attributable to common stockholders for the nine months ended September 30, 2021 amounted to $7.7 million, and resulted in a loss per common share of $1.52. Separately, the Company today announced that its Board of Directors has determined to effect a reverse stock split of the Company's common shares, par value $0.01 per share, at a ratio of one-for-fifteen. The Company's shareholders authorized the Company's Board of Directors to implement the reverse stock split at the Company's Special Meeting of Shareholders held on November 7, 2022. The reverse stock split is intended to bring the Company into compliance with the minimum $1.00 per share bid price requirement for maintaining its listing on the Nasdaq Capital Market. The reverse stock split is expected to take effect, and the Company's common shares to begin trading on a split-adjusted basis on the Nasdaq Capital Market under the existing trading symbol "PSHG", as of the opening of trading on November 15, 2022. Performance Shipping Inc. press release 
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