Performance Shipping Inc. Provides Update on Potential Forward Sale Agreement for M/T P. Sophia

Core Viewpoint - Performance Shipping Inc. announced that the potential forward sale of the Aframax tanker, M/T P. Sophia, will not proceed as the vessel was not selected for the Offshore Project [1][2]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels. The company operates its fleet through spot voyages, pool arrangements, and time charters [3]. Forward Sale Agreement - The company had previously entered into a forward sale and exclusivity agreement with an unaffiliated third party, granting the buyer the exclusive right to bid for converting the M/T P. Sophia into a Floating Production Storage and Offloading (FPSO) unit [2]. - The agreement has automatically lapsed due to the buyer's notification that the M/T P. Sophia was not selected for the Offshore Project, meaning no sale will be completed [2].