Performance Shipping Inc. Announces the Date for its 2021 Annual General Meeting of Shareholders and Adoption of Amended and Restated Equity Incentive Plan

ATHENS, GREECE, December 30, 2020 – Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of tankers, announced today that the Company will hold its 2021 Annual General Meeting of Shareholders (the “Meeting”) on February 25, 2021 in virtual format. Shareholders and their proxy representatives will not be able to attend the Meeting physically.  Additional details confirming how shares may be voted before or during the Meeting, as well as the time of the virtual Meeting and how to access it as a shareholder, will be included in the Company’s proxy statement to be separately provided to shareholders.  Whether or not shareholders plan to attend the Meeting virtually, shareholders of record of the Company’s common shares are encouraged to vote and submit their proxy in advance of the Meeting. The Board of Directors (the “Board”) has set a record date of January 6, 2021.

The Company also announced today that the Board, on the recommendation of its Compensation Committee consisting solely of independent directors, has adopted an Amended and Restated Equity Incentive Plan (the “Plan”) that amends and restates that Company’s existing 2015 Equity Incentive Plan adopted in May of 2015.  As amended, the total number of common shares with respect to which awards may be made under the Plan was increased by 500,000 shares.  The amended plan will expire 10 years from the date of adoption.