ATHENS, Greece, June 06, 2024 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Trafigura Maritime Logistics Pte Ltd ("Trafigura" or the "Charterer") for the 2010-built, 105,304 dwt LR2 Aframax tanker vessel, the M/T P. Aliki. The charter is for a minimum period of four and a half (4. ...

Core Viewpoint - Performance Shipping Inc. has secured a time charter contract for its tanker vessel M/T P. Aliki with Trafigura Maritime Logistics, which is expected to generate approximately US$6.4 million in gross revenue for a minimum duration of 4.5 months [1][2]. Company Overview - Performance Shipping Inc. is a global shipping company that specializes in the ownership of tanker vessels and provides shipping transportation services through spot voyages, pool arrangements, and time charters [2]. Charter Contract Details - The time charter for M/T P. Aliki is set for a minimum of 4.5 months and a maximum of 6 months and 25 days, with a gross charter rate of US$47,000 per day for the minimum period and US$48,500 per day for the remaining period [1]. - The charter is expected to commence around June 16, 2024 [1]. Financial Implications - The contract is projected to generate approximately US$6.4 million in gross revenue for the minimum duration of the charter [1].

ATHENS, Greece, June 05, 2024 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Aramco Trading Fujairah FZE ("Aramco" or the "Charterer") for the 2011-built, 104,588 dwt Aframax tanker vessel, the M/T Briolette. The gross charter rate will be US$41,000 per day for a period of twenty-f ...

ATHENS, Greece, June 05, 2024 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Aramco Trading Fujairah FZE ("Aramco" or the "Charterer") for the 2011-built, 104,588 dwt Aframax tanker vessel, the M/T Briolette. The gross charter rate will be US$41,000 per day for a period of twenty-f ...

ATHENS, Greece, May 30, 2024 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today reported net income of $11.4 million and net income attributable to common stockholders of $11.0 million for the first quarter of 2024. The 2024 first quarter results compared to a net income of $15.7 million and net income attributable to common stockholders of $4.6 million for the same period in 2023. Earnings pe ...

ATHENS, Greece, May 30, 2024 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today reported net income of $11.4 million and net income attributable to common stockholders of $11.0 million for the first quarter of 2024. The 2024 first quarter results compared to a net income of $15.7 million and net income attributable to common stockholders of $4.6 million for the same period in 2023. Earnings pe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

Exhibit 99.1 "As previously announced, in August 2023, the Company's board of directors approved a $2 million share buyback program. Pursuant to this initiative, we repurchased 293,767 shares of common stock during the fourth quarter of 2023, totaling approximately $0.7 million. We firmly believe that this program is in the best interests of both our Company and our shareholders, and we intend to continue our share buybacks, depending on prevailing market conditions. Corporate Contact: Andreas Michalopoulos ...

Financial Performance - For Q3 2023, Performance Shipping reported a net income of $10.4 million, a slight decrease from $10.7 million in Q3 2022, with net income attributable to common stockholders at $9.9 million compared to $10.4 million in the same period last year[1][2] - Revenue for Q3 2023 was $24.1 million, up from $22.1 million in Q3 2022, driven by an increase in ownership days despite a decrease in time-charter equivalent (TCE) rates, which averaged $31,787 compared to $34,411 in Q3 2022[2][4] - For the nine months ended September 30, 2023, net income reached $44.5 million, a significant increase from $12.5 million in the same period of 2022, with earnings per share of $3.26 compared to $2.35 in 2022[3][21] - Operating income for the nine months ended September 30, 2023, was $49.325 million, compared to $14.560 million for the same period in 2022[34] - Earnings per common share, basic, for Q3 2023 was $0.88, down from $3.83 in Q3 2022[34] Cash and Assets - The company achieved a cash balance of approximately $85.4 million at the end of Q3 2023, representing a 115% increase from the end of 2022[4] - Cash and cash equivalents increased to $85.396 million from $39.726 million as of December 31, 2022[36] - Total assets as of September 30, 2023, were $332.038 million, up from $292.979 million as of December 31, 2022[36] - Total stockholders' equity increased to $209.367 million as of September 30, 2023, from $155.705 million as of December 31, 2022[36] Revenue Backlog and Contracts - A fixed revenue backlog of approximately $39 million is expected starting Q4 2023, as five Aframax tankers are under time charter contracts[7] - The company has entered into a contract for a newbuild LNG-ready LR2 Aframax tanker with a delivery date in 2025 and plans to sell its oldest Aframax tanker for $39.3 million[8] Market Conditions - Daily spot charter rates for Aframax tankers averaged $27,409 in Q3 2023, down 54.2% from the previous quarter and down 47.9% from Q3 2022[16] - Global oil consumption was 101.4 million bpd in Q3 2023, up 0.7% from the previous quarter and up 1.4% from Q3 2022[17] - The company anticipates future market conditions to be influenced by global economic factors and changes in the tanker shipping industry[31] Share Repurchase - The company completed a $2 million share repurchase program in Q3 2023 and has initiated a second $2 million share repurchase program[6][10] Other Transactions - The company sold the vessel P. Kikuma, expected to be delivered in December 2023[25] Cash Flow - The company reported net cash provided by operating activities of $17.883 million for Q3 2023, up from $11.761 million in Q3 2022[37]

Exhibit 99.1 Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: + 30-216-600-2400 Email: amichalopoulos@pshipping.com Website: www.pshipping.com For Immediate Release ATHENS, GREECE, June 21, 2023 – Performance Shipping Inc. (NASDAQ: PSHG) ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today reported net income of $15.7 million and net income attributable to common stockholders of $4.6 million for the first ...