Athens, Greece - January 14, 2020
Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that its Board of Directors authorized a share repurchase program to purchase up to an aggregate of US$6.0 million of the Company’s common shares.
As of the date hereof, the Company has 49,021,001 issued and outstanding common shares and another 1,500 Series B-2 preferred shares issued and outstanding.
The timing and amount of any repurchases will be determined by the Company’s management team and will depend on market conditions, capital allocation alternatives, applicable securities laws and other factors. Repurchases of common shares may take place in privately negotiated transactions, in open market transactions pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, or pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.
The Company is not obligated under the terms of the program to repurchase any particular number of its common shares. The Board of Directors’ authorization of the repurchase program is effective immediately and expires on December 21, 2020. Common shares repurchased as part of this program will be cancelled by the Company.
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on charters with leading charterers.
Performance Shipping Inc. press release