Performance Shipping Inc. Announces the Sale of a Post-Panamax Container Vessel, the M/V Rotterdam

Athens, Greece - January 27, 2020

Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2008-built Post-Panamax container vessel “Rotterdam”, with delivery to the buyer latest by May 15, 2020, for a sale price of US$18.5 million before commissions.

Upon completion of the aforementioned sale, Performance Shipping Inc.’s fleet will consist of one (1) Panamax container vessel and two (2) Aframax tanker vessels. The Company also expects to take delivery of one (1) Aframax tanker vessel by the end of January 2020. A table describing the current Performance Shipping Inc. fleet can be found on the Company’s website, www.pshipping.com. Information included on the Company’s website does not constitute a part of this press release.

Commenting on the transaction, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer stated:

“The sale of one of the two remaining containerships in our fleet will increase our cash position to around US$46 million. This cash amount, together with the low leveraged assets, provides a total valuation well in excess of our current stock market capitalization. We are confident that this discrepancy will soon be either greatly reduced or disappear entirely as we steadily increase our presence in the Aframax tanker market.”

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


M/V Rotterdam. Image by Performance Shipping Inc.