Performance Shipping Inc. Secures Charter Contract with Trafigura for LR2 Aframax Tanker, M/T P. Aliki

Athens, Greece - June 6, 2024

Performance Shipping Inc. (NASDAQ: PSHG), ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Trafigura Maritime Logistics Pte Ltd ("Trafigura" or the "Charterer") for the 2010-built, 105,304 dwt LR2 Aframax tanker vessel, the M/T P. Aliki.

The charter is for a minimum period of four and a half (4.5) months up to a maximum period of six (6) months and 25 days, at the option of the Charterer.

The gross charter rate will be US$47,000 per day for the minimum period, and US$48,500 per day for the remaining period up to the maximum redelivery date.

This charter is expected to commence on or around June 16, 2024, and is expected to generate approximately US$6.4 million in gross revenue for the minimum duration of the charter.

Andreas Michalopoulos, the Company's Chief Executive Officer, stated:

"We are pleased to announce our new time charter contract for our M/T P. Aliki, following her performance of spot voyages through pool participation. This contract reflects our solid relationship with reputable and creditworthy counterparties, such as Trafigura, who has regularly employed our vessels, including the M/T P. Aliki, in the past. We believe that our Company has successfully managed to secure short-term fixed revenue at a lucrative charter rate, while also maintaining exposure to the promising spot market during the seasonally strong fall and winter periods, when the M/T P. Aliki is expected to be available for new employment."

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

Performance Shipping Inc. press release