Performance Shipping Inc. Announces Completion of US$2 Million Share Buyback Plan and Initiates New US$2 Million Share Buyback Plan

ATHENS, GREECE, August 21, 2023 – Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced the successful completion of the US$2 million share repurchase plan announced in April 2023 (the “April Plan”). Under this plan, the Company repurchased a total of 2,222,936 common shares for a total amount of approximately US$2 million.

Additionally, the Company announced that its Board of Directors has approved a new share repurchase plan (the “Plan”). Under the Plan, the Company may repurchase up to $2 million of its outstanding common shares, representing approximately 12.2% of its market capitalization based on 10,910,319 outstanding common shares and the share price as of the close of trading on Friday, August 18, 2023.

Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“We are pleased to announce the completion of our initial share buyback program announced on April 4, 2023, which resulted in the reduction of our outstanding shares by 17.7%. We plan on further enhancing shareholder value by buying shares gradually and opportunistically with our renewed share buyback plan.”

About the Plan

The Company may repurchase common shares pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or pursuant to a trading plan adopted in accordance with Rule 10b5‐1 of the Securities Exchange Act of 1934.

Any repurchases pursuant to the Plan will be made at management’s discretion at prices considered to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, applicable securities laws and the Company’s financial performance. The Plan may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The Plan does not obligate the Company to purchase any of its shares under the Plan. The Board of Directors’ authorization of the Plan is effective immediately and expires on August 31, 2024.