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

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

Based on the final count by Computershare Trust Company, N.A., the exchange agent for the Exchange Offer, a total of 2,834,612 Common Shares were validly tendered and accepted for exchange in the Exchange Offer, which will result in the issuance of 793,657 Series B Preferred Shares. Issuance of the Series B Preferred Shares for Common Shares will be made promptly.

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