Performance Shipping Inc. Announces Agreement to Acquire an Aframax Tanker Vessel

Athens, Greece - February 18, 2020

Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase a 2007 built Aframax tanker vessel, the M/T FSL Shanghai, from an unaffiliated third party seller for a total purchase price of US$26.0 million. The vessel is expected to be delivered to the Company by the end of March 2020.

Commenting on the agreement, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer, stated:

“We are very pleased with this acquisition, which brings us one step closer to the creation of the only publicly listed pure-play Aframax company. We believe that the Company is well positioned to take advantage of favorable charter rates in the future.”

Upon completion of the abovementioned acquisition, as well as the previously announced sale of the Post-Panamax container vessel, the M/V Rotterdam, Performance Shipping Inc.’s fleet will consist of four (4) Aframax tanker vessels and one (1) Panamax container vessel. A table describing the Company’s current fleet can be found on the Company’s website, www.pshipping.com. Information included on the Company’s website does not constitute a part of this press release.

About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on charters with leading charterers.

Performance Shipping Inc. press release