Performance Shipping Inc. Announces Final Results of Its Offer to Exchange Up to 4,066,181 Common Shares for Series B Convertible Cumulative Perpetual Preferred Shares

ATHENS, Greece, 04 Feb. 10, 2022 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ:PSHG), (the “Company”), a global shipping company specializing in tanker ownership, today announced the final results of its previously announced offering to exchange up to 4,066,181 of its currently issued and outstanding common shares, with a par value of $0.01 per share (the “Common Shares”), for newly issued shares of the Convertible Cumulative Perpetual Preferred Shares of the Company, with a par value of $0.01 and liquidation preference of $25.00 (the “Series B Preferred Shares”) at a ratio of 0.28 Series B Preferred Share for each share ordinary (the “Exchange Offer”). The exchange offer expired at 5:00 p.m., New York time, on Thursday, January 27, 2022, and the Company announced the preliminary results of the exchange offer on January 28, 2022.

According to the final count of Computershare Trust Company, NA, the exchange agent for the exchange offer, a total of 2,834,612 common shares have been validly tendered and accepted for exchange under the offer to exchange, resulting in the issuance of 793,657 Series B Preferred Shares. The issuance of the Series B Preferred Shares for the Common Shares will be effected promptly.

If shareholders have any questions, please call the Company’s information agent, Georgeson LLC, by telephone toll-free at (800) 676-0098.

About the company

Performance Shipping Inc. is a global provider of shipping services through its ownership of Aframax tankers. The Company’s current fleet is employed for one-off trips, time charters and through pooling arrangements.

Caution Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements, which are other than statements of historical fact.

The words “believe”, “anticipate”, “intend”, “estimate”, “anticipate”, “project”, “plan”, “potential”, “may”, “should”, “expect to”, “pending” and similar expressions, terms or phrases may identify forward-looking statements.

The forward-looking statements contained in this press release are based on various assumptions, many of which are based, in turn, on other assumptions, including, without limitation, our management’s review of operating trends history, data contained in our files and other data available from third parties. Although we believe that these assumptions were reasonable when made, because they are inherently subject to important uncertainties and contingencies which are difficult or impossible to predict and which are beyond our control, we cannot guarantee that we will meet or realize those expectations, beliefs or projections.

In addition to these important factors, other important factors that we believe could cause actual results to differ materially from those discussed in the forward-looking statements include the completion of this exchange offer described in this press release. , the strength of global economies, currency and interest rate fluctuations, general market conditions, including fluctuations in vessel charter rates and value, changes in demand for our vessels, changes supply of ships, changes in global oil production, consumption and storage, changes in our operations, expenses, including bunker prices, crew charges, lay-up charges and insurance policies, our future operating or financial results, availability of financing and refinancing, changes in government rules and regulations ales or actions taken by regulatory authorities, potential liability arising from pending or future litigation, general domestic and international political conditions, the duration and severity of epidemics and pandemics, including the ongoing epidemic of novel coronavirus (COVID-19) and its impact on demand for the shipping of petroleum and other types of products, changes in government rules and regulations or actions taken by regulatory authorities, potential liability for ongoing litigation or general national and international political future, conditions or events, including “trade wars”, acts of terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or ‘political events, ship failures and non-hiring cases and other important factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

CONTACT: Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: +30-216-600-2400 Email: [email protected] Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: [email protected]

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