Performance Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2020

ATHENS, GREECE, May 18, 2020 – Performance Shipping Inc. (NASDAQ: PSHG) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported net income of $1.3 million for the first quarter of 2020, compared to a net loss of $0.2 million for the same period in 2019.  Net income attributable to common stockholders for the first quarter of 2020 amounted to $2.8 million, and earnings per common share, basic and diluted, for the same period were $0.06 (if adjusted for the effect of a one-time gain of $1.5 million derived from the repurchase of the Series C preferred shares, the earnings per share would have been $0.03). Net loss attributable to common stockholders for the first quarter of 2019 was $0.2 million, and loss per share for the same period was $0.01.

Voyage and time charter revenues were $13.5 million ($9.2 million net of voyage expenses) for the first quarter of 2020, compared to $5.5 million ($5.2 million net of voyage expenses) for the same period in 2019. This increase was mainly attributable to the increased time-charter equivalent rates (TCE rates) contributed by the Company’s Aframax tanker vessels M/T Blue Moon, M/T Briolette and M/T P. Fos. Fleet-wide, the average time charter equivalent rate for the first quarter of 2020 was $21,386, compared with an average rate of $14,419 for the same period of 2019. As a result, during the first quarter of 2020, net cash provided by operating activities was $7.1 million, compared with $8,000 for the first quarter of 2019.