PSHG

ATHENS, Greece, July 29, 2026 (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 $11.9 million and net income attributable to common stockholders of $13.9 million for the second quarter of 2026, compared to a net income of $9.1 million and net income attributable to common stockholders of $8.6 million for the same period in 2025. Earnings per share, basic and diluted, for the second quarter of 2026 were $1.12 and $0.37, respectively. Revenue was $34.7 million ($32.9 million net of voyage expenses) for the second quarter of 2026, compared to $18.1 million ($17.6 million net of voyage expenses) for the same period in 2025. This increase was mainly attributable to the increase in ownership days following the delivery of the newbuilding vessels P. Massport, P. Tokyo and P. Marseille in July 2025, September 2025, and January 2026, respectively, and also of the secondhand Suezmax vessels P. Bel Air and P. Beverly Hills in December 2025, partly offset by the sale of the P. Yanbu in March 2025. Fleetwide, the average TCE rate for the second quarter of 2026 was $32,872, compared with an average rate of $32,295 for the same period in 2025. During the second quarter of 2026, net cash provided by operating activities was $19.7 million, compared with net cash provided by operating activities of $11.3 million for the second quarter of 2025. Net income for the six months ended June 30, 2026, amounted to $22.1 million, compared to a net income of $38.5 million for the six months ended June 30, 2025. Net income attributable to common stockholders for the six months ended June 30, 2026 amounted to $23.7 million, while net income attributable to common stockholders for the six months ended June 30, 2025, amounted to $37.6 million. Commenting on the results of the second quarter of 2026, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “The Company delivered another quarter of solid financial and operational performance, reflecting our long-term chartering strategy, disciplined fleet renewal program and conservative capital allocation. As a result, we generated revenues of $68.4 million during the first half of 2026, reflecting average daily TCE rates of approximately $32,700 across our fleet, and delivered net income attributable to common stockholders of $23.7 million. “The tanker market remains constructive, and we continue to capitalize on the supportive charter environment by securing long-term employment at attractive rates. Subsequent to quarter-end, we further enhanced the visibility of our future cash flows by extending the time charters of the M/T Briolette with Aramco Trading for three years at $37,700 per day and the M/T Blue Moon with American Eagle Tankers for an additional two years at an average rate of $40,500 per day. As of mid-2026 and as adjusted for the newly concluded charter agreements, our contracted revenue backlog exceeded half a billion dollars, with an average remaining duration of 3.4 years and significant charter coverage extending through 2030, providing strong cash flow visibility. “By securing an average contracted time charter rate of approximately $32,500 per day through 2030, we have substantially covered our projected daily cash expenses through 2028, while maintaining an estimated spot cash break-even that gradually increases from effectively zero to approximately $14,300 per day by 2030 based on management's current estimates of future operating expenses. These contracted cash flows underscore the resilience of our business model and our ability to navigate future market conditions with confidence. “Our balance sheet remains a key strength. The Company has no debt maturities before mid-2029, and the recent amendments to our outstanding bond, converting it into a senior unsecured obligation, further improved our financial flexibility. As of quarter end, the Company maintained cash, cash equivalents and restricted cash of approximately $106 million, with liquidity anticipated to increase further following the completed sale in July 2026 of the M/T P. Sophia, and the pending sale of the M/T P. Aliki. Our liquidity, on a pro forma basis after giving effect to the net cash proceeds from these sales, is expected to adequately fund our remaining capital expenditures related to our fully contracted newbuilding program and enable us to pursue selective acquisition opportunities.” Corporate Developments Update on Outstanding Shares and Warrants As of July 28, 2026, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date: Class A Warrants to purchase up to 567,366 common shares at an exercise price of $15.75 per common share; Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of $1.65 per common share; Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of $1.65 per common share; Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of $2.25 per common share. In the second quarter of 2026, the Company redeemed all outstanding Series B Convertible Cumulative Perpetual Preferred Stock pursuant to its terms. Following such redemption and as of July 28, 2026, the Company had zero shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding. Update on Recent Developments During the second quarter of 2026 and through July 28, 2026, the Company achieved several key milestones: Entered into agreements to sell the two oldest vessels in the fleet, M/T P. Sophia (2009-built) and M/T P. Aliki (2010-built), for gross proceeds of $35.65 million and $42.65 million, respectively. The sale of M/T P. Sophia was completed, with the vessel delivered to her new owners in mid-July 2026, while the sale of M/T P. Aliki is expected to be completed during the third quarter of 2026. Entered into long-term time charter agreements with Repsol Trading S.A. for two 158,000 DWT newbuilding Suezmax tanker vessels under construction. The first vessel has been chartered for seven years at $35,000 per day and the second for five years at $36,850 per day. The vessels are expected to be delivered in October 2028 and May 2029, respectively. Amended the terms of its outstanding 9.875% senior bonds, releasing the existing security package and effectively converting the bonds into senior unsecured obligations of the Company. Extended the time charter for M/T Briolette with Aramco Trading for three years at a charter rate of $37,700 per day. Entered into a supplemental loan agreement with Nordea Bank Abp, extending the maturity of its existing secured loan facility to July 2030 and securing substantially improved terms, including reduced quarterly principal installments and a lower applicable margin. Extended the time charter for M/T Blue Moon with American Eagle Tankers, a member of the MISC Group, for an additional two years at an average rate of $40,500 per day. Prepaid an amount of $12.8 million to Alpha Bank in connection with the pending sale of the vessel P. Aliki by the end of the third quarter of 2026. Reflecting these commercial updates, the Company’s estimated spot cash break-even gradually increases from effectively zero to approximately $14,300 per day by 2030 based on management’s current estimates of future operating expenses. Tanker Market Update for the Second Quarter of 2026: Tanker fleet supply was 729.3 million dwt, up 1.3% from 720.1 million dwt from the previous quarter and up 3.9% from Q2 2025 levels of 702.0 million dwt. Seaborne oil trade dynamics remain subject to ongoing geopolitical uncertainty, with disruptions across the Strait of Hormuz and continued Red Sea inefficiencies contributing to longer voyage distances, fleet repositioning, and evolving trade patterns. Looking ahead, seaborne oil trade is expected to remain resilient, supported by potential inventory replenishment and seasonally stronger demand. While seaborne oil trade in tonne-miles is expected to decrease by approximately 4.1% in 2026, a recovery of approximately 3.8% is projected for 2027. Tanker fleet supply in deadweight terms is estimated to grow by 4.9% in 2026 and by 6.0% in 2027. Newbuilding tanker contracting was 30.2 million dwt in the second quarter, resulting in a tanker orderbook-to-fleet ratio of 24.8%. Daily spot charter rates for Aframax tankers averaged $108,269, down 5.4% from the previous quarter average of $114,453 and up 149.2% from Q2 2025 average of $43,442. The value of a 10-year-old Aframax tanker at the end of the second quarter was $72.5 million, up 20.8% from $60.0 million in the previous quarter, and up 45.0% from $50.0 million in Q2 2025. Daily spot charter rates for Suezmax tankers averaged $146,567, down 3.6% from the previous quarter average of $152,067 and up 2215.3% from Q2 2025 average of $46,492. The value of a 10-year-old Suezmax tanker at the end of the second quarter was $89.0 million, up 25.4% from $71.0 million in the previous quarter, and up 43.5% from $62.0 million in Q2 2025. The number of tankers used for floating storage (excluding dedicated storage) stood at 113 (15.3 million dwt) in the second quarter, down 15.7% from 134 (18.4 million dwt) at the end of the previous quarter and down 11.0% from 127 (13.4 million dwt) in Q2 2025. Global oil consumption was 100.4 million bpd, down 2.4% from the previous quarter level of 102.8 million bpd, and down 3.5% from Q2 2025 levels of 104.0 million bpd. Global oil production was 95.3 million bpd, down 8.3% from the previous quarter level of 103.9 million bpd and down 9.3% from Q2 2025 levels of 105.0 million bpd. OECD commercial inventories were 2,603 million barrels, down 7.0% from the previous quarter level of 2,798 million barrels, and down 6.3% from Q2 2025 levels of 2,777 million barrels. The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available. ____________________ About the Company Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. The words “believe," “anticipate," “intends," “estimate," “forecast," “project," “plan," “potential," “will," “may," “should," “expect," “targets," “likely," “would," “could," “seeks," “continue," “possible," “might," “pending” and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war in the Middle East, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. (See financial tables attached) CONTACT: Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: + 30-216-600-2400 Email: [email protected] Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: [email protected]

ATHENS, Greece, May 26, 2026 (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 $10.2 million for the first quarter of 2026, compared to a net income of $29.4 million for the same period in 2025. Earnings per share, basic and diluted, for the first quarter of 2026 were $0.79 and $0.26, respectively. The net income for the first quarter of 2025 included a gain of $19.5 million resulting from the sale of the vessel P. Yanbu. Revenue was $33.8 million ($31.8 million net of voyage expenses) for the first quarter of 2026, compared to $21.3 million ($19.2 million net of voyage expenses) for the same period in 2025. This increase was mainly attributable to the increase in ownership days following the delivery of the newbuilding vessels P. Massport, P. Tokyo and P. Marseille in July 2025, September 2025, and January 2026, respectively, and also of the secondhand Suezmax vessels P. Bel Air and P. Beverly Hills in December 2025, partly offset by the sale of the P. Yanbu in March 2025. Fleetwide, the average TCE rate for the first quarter of 2026 was $32,520, compared with an average rate of $30,843 for the same period in 2025. During the first quarter of 2026, net cash provided by operating activities was $23.0 million, compared with net cash provided by operating activities of $15.5 million for the first quarter of 2025. Commenting on the results of the first quarter of 2026, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “The Company had a strong start to 2026, generating revenues of $33.8 million and net income of $10.2 million during the first quarter. Revenue increased by 59% period-over-period, driven by the expansion in the average fleet to approximately eleven high-specification tankers from seven vessels in the prior-year period, reflecting a more modern fleet profile and enhanced earnings capacity. The average daily TCE rate improved to $32,520, compared to $30,843 in the comparable prior-year period. “Looking ahead, we expect the constructive tanker market environment, supported by elevated charter rates and ongoing trade flow inefficiencies driven by geopolitical developments, to continue underpinning earnings. With two of our vessels becoming available for employment later this year, the Company is well positioned to secure additional attractive charters under prevailing market conditions. “As of the beginning of the 2026 second quarter, the Company had secured a revenue backlog of nearly half a billion dollars, with fixed charter coverage of approximately 90% for the remaining nine months of 2026 and 80% for full year 2027. The average remaining duration of the time charter portfolio increased to approximately three years, with long-term coverage of approximately 50% through 2030, providing strong cash flow visibility. “By securing an average contracted time charter rate of approximately $31,700 per day, the Company has substantially covered daily cash expenses for 2026 and 2027, while maintaining a projected spot cash break-even gradually rising from zero to approximately $13,700 per day by 2030 based on management’s current estimates of future operating expenses. Even under historically weak market conditions, this level remains well-supported relative to Aframax tanker charter rate cycles over the past twenty years. “The Company maintains a conservative balance sheet and no significant near-term debt maturities. This provides capacity to finance the newbuilding program through a balanced capital structure, including prudent secured debt financing. One LR1 newbuilding is scheduled for delivery in early 2027, followed by two Suezmax newbuildings in late 2028 and early 2029. All three vessels are employed on long-term time charter contracts commencing upon delivery, with contracted revenues covering approximately 92% of remaining construction costs. “The Company’s liquidity position remains strong, with cash, cash equivalents and restricted cash of approximately $127 million as of quarter-end, representing a 1.6x increase compared to year-end 2025. Pro-forma for the previously announced sale of the Company’s two oldest vessels, the P. Aliki and the P. Sophia, total liquidity is expected to increase further to approximately $192 million. “The Company remains focused on disciplined capital allocation, continued fleet renewal, and maintaining a resilient balance sheet to support the execution of its long-term growth strategy.” Corporate Developments Update on Outstanding Shares and Warrants As of May 25, 2026, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date: Class A Warrants to purchase up to 567,366 common shares at an exercise price of $15.75 per common share; Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of $1.65 per common share; Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of $1.65 per common share; Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of $2.25 per common share. Finally, the Company had 50,726 shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding. Update on Recent Developments During the first quarter of 2026 and through May 25, 2026, the Company achieved several key milestones: Completed a $50 million tap issuance, priced at 103% of par value, under the Company’s 9.875% Nordic bonds due July 2029. Took delivery of the third newbuild LR2 Aframax tanker, M/T P. Marseille, in January 2026. Upon delivery, the vessel commenced its five-year time-charter contract with Clearlake Shipping Pte Ltd, a subsidiary of Gunvor Group, at a rate of $31,000 per day. Secured a three-year time-charter contract for M/T P. Monterey with PBF Holding Company LLC, a subsidiary of PBF Energy Inc., at $31,000 per day. Entered into agreements to sell the two oldest vessels in the fleet, M/T P. Sophia (2009-built) and M/T P. Aliki (2010-built), for gross proceeds of $35.65 million and $42.65 million, respectively. M/T P. Sophia is expected to be delivered to her new owners in mid-2026, while the sale of M/T P. Aliki is expected to be completed during the third quarter of 2026. Entered into two shipbuilding contracts with China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd. for the construction of two 158,000 DWT newbuilding Suezmax tanker vessels. The vessels are expected to be delivered in October 2028 and May 2029, respectively, at a contract price of $81.5 million per vessel. Both vessels have been fixed on long-term time charters with Repsol Trading S.A., with the first vessel chartered for seven years at $35,000 per day and the second for five years at $36,850 per day. Secured sale and leaseback financing for the LR1 tanker newbuilding scheduled for delivery in early 2027, approximately one year ahead of the vessel’s delivery to the Company, for a total financing amount of $37.8 million, representing 70% of the vessel’s contract price. Amended the time charter agreement with Repsol Trading S.A. for the 2019-built Suezmax tanker M/T P. Beverly Hills, extending the charter period from three to five years at a revised daily hire rate of $34,500 for the remaining charter term. Tanker Market Update for the First Quarter of 2026: Tanker fleet supply was 720.0 million dwt, up 1.4% from 709.9 million dwt from the previous quarter and up 3.1% from Q1 2025 levels of 698.4 million dwt. Seaborne oil trade outlook remains highly uncertain amid ongoing Middle East disruptions, leading to longer trade routes, fleet repositioning, and elevated inefficiencies, which continue to reshape tanker demand dynamics. As a result, seaborne oil trade in tonne-miles is expected to decrease by approximately 2.6% in 2026 and recover by 3.5% in 2027. Tanker fleet supply in deadweight terms is estimated to grow by 4.9% in 2026 and by 5.7% in 2027. Newbuilding tanker contracting was 37.2 million dwt in the first quarter, resulting in a tanker orderbook-to-fleet ratio of 21.8%. Daily spot charter rates for Aframax tankers averaged $114,453, up 86.5% from the previous quarter average of $61,382 and up 254.4% from Q1 2025 average of $32,294. The value of a 10-year-old Aframax tanker at the end of the first quarter was $60.0 million, up 9.1% from $55.0 million in the previous quarter, and up 20.0% from $50.0 million in Q1 2025. Daily spot charter rates for Suezmax tankers averaged $152,067, up 96.5% from the previous quarter average of $77,370 and up 262.0% from Q1 2025 average of $42,007. The value of a 10-year-old Suezmax tanker at the end of the first quarter was $70.0 million, up 9.4% from $64.0 million in the previous quarter, and up 12.9% from $62.0 million in Q1 2025. The number of tankers used for floating storage (excluding dedicated storage) stood at 133 (18.3 million dwt) in the first quarter, up 9.0% from 122 (14.6 million dwt) at the end of the previous quarter and up 26.7% from 105 (11.9 million dwt) in Q1 2025. Global oil consumption was 103.2 million bpd, down 1.4% from the previous quarter level of 104.7 million bpd, and up 0.9% from Q1 2025 levels of 102.3 million bpd. Global oil production was 103.8 million bpd, down 4.3% from the previous quarter level of 108.5 million bpd and up 0.2% from Q1 2025 levels of 103.7 million bpd. OECD commercial inventories were 2,777 million barrels, down 1.4% from the previous quarter level of 2,816 million barrels, and up 1.4% from Q1 2025 levels of 2,738 million barrels. The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available. __________________________ About the Company Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. The words “believe," “anticipate," “intends," “estimate," “forecast," “project," “plan," “potential," “will," “may," “should," “expect," “targets," “likely," “would," “could," “seeks," “continue," “possible," “might," “pending” and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war in the Middle East, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. (See financial tables attached) CONTACT: Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: + 30-216-600-2400 Email:[email protected] Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email:[email protected]

Solid profit numbers didn't seem to be enough to please Performance Shipping Inc.'s (NASDAQ:PSHG) shareholders. We think that they might be concerned about some underlying details that our analysis found. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'. Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future". Performance Shipping has an accrual ratio of 0.75 for the year to December 2025. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. Even though it reported a profit of US$48.1m, a look at free cash flow indicates it actually burnt through US$231m in the last year. It's worth noting that Performance Shipping generated positive FCF of US$12m a year ago, so at least they've done it in the past. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. See our latest analysis for Performance Shipping That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. Given the accrual ratio, it's not overly surprising that Performance Shipping's profit was boosted by unusual items worth US$19m in the last twelve months. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's as you'd expect, given these boosts are described as 'unusual'. We can see that Performance Shipping's positive unusual items were quite significant relative to its profit in the year to December 2025. All else being equal, this would likely have the effect of making the statutory profit a poor guide to underlying earnings power. Summing up, Performance Shipping received a nice boost to profit from unusual items, but could not match its paper profit with free cash flow. On reflection, the above-mentioned factors give us the strong impression that Performance Shipping'sunderlying earnings power is not as good as it might seem, based on the statutory profit numbers. If you want to do dive deeper into Performance Shipping, you'd also look into what risks it is currently facing. For instance, we've identified 3 warning signs for Performance Shipping (1 is concerning) you should be familiar with. Our examination of Performance Shipping has focussed on certain factors that can make its earnings look better than they are. And, on that basis, we are somewhat skeptical. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

ATHENS, Greece, March 04, 2026 (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 $7.6 million for the fourth quarter of 2025, compared to a net income of $9.7 million for the same period in 2024. Earnings per share, basic and diluted, for the fourth quarter of 2025 were $0.57 and $0.19, respectively. Revenue was $26.2 million ($24.6 million net of voyage expenses) for the fourth quarter of 2025, compared to $21.7 million ($19.8 million net of voyage expenses) for the same period in 2024. This increase was mainly attributable to the increase in ownership days following the delivery of the newbuilding vessels P. Massport and P. Tokyo in July and September 2025, respectively. Fleetwide, the average TCE rate for the fourth quarter of 2025 was $32,221, compared with an average rate of $32,652 for the same period in 2024. During the fourth quarter of 2025, net cash provided by operating activities was $9.7 million, compared with net cash provided by operating activities of $12.1 million for the fourth quarter of 2024. Net income for the year ended December 31, 2025, amounted to $50.0 million, compared to a net income of $43.7 million for the year ended December 31, 2024. Earnings per share, basic and diluted, for the year ended December 31, 2025, were $3.87 and $1.28, respectively, while earnings per common share, basic and diluted, for the year ended December 31, 2024 were $3.39 and $1.11, respectively. Commenting on the results of the fourth quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “Fiscal year 2025 represented another solid year for our Company. We generated revenues of $84.2 million, with a daily time charter equivalent (TCE) rate of $31,246, modestly below the strong results of 2024, when revenues reached $87.4 million and the TCE rate was $32,954. We nevertheless continued to deliver robust profitability, with net income rising to $50.0 million, supported in part by a gain from a vessel sale. These results demonstrate the strength of our operations and our ability to pursue opportunities in a profitable tanker market. “Looking ahead, we believe 2026 is expected to be another firm year for the tanker market, supported by solid growth in seaborne trade of oil and refined petroleum products, increased exports from the Middle East and Latin America, firm Chinese demand, and continued trade sanctions. These market dynamics are expected to be sufficiently strong to absorb moderate fleet growth. As of the beginning of the year, we had a robust revenue backlog of approximately $350 million, with fixed charter coverage of approximately 88% for 2026 and 72% for 2027, providing significant cash flow visibility. Given the favorable charter rate environment, we are confident that the three vessels becoming available for employment later this year will secure attractive charter arrangements. “At the same time, we continue to execute our fleet renewal and expansion strategy, enhancing both the commercial competitiveness and operational efficiency of our fleet. The delivery of our two 2019-built Suezmax tankers in December 2025, both operating under three-year charters at $36,500 per day, along with the delivery of our third LR2 Aframax newbuilding in January 2026 currently operating under a five-year charter at $31,000 per day, represent significant milestones for our strategy. Pro forma these additions and the opportunistic sale of our oldest vessel, M/T P. Sophia in mid-2026, our average fleet age will decline to nine years. The construction of our first LR1, expected to be delivered in early 2027, will further enhance our fleet quality. In addition, our recently signed shipbuilding contracts with China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd. for two 158,000 DWT Suezmax tankers will expand our presence in the Suezmax segment which we believe benefits from constructive medium and long-term market fundamentals, further supporting our long-term growth. “Our balance sheet remains strong, supported by $49.3 million in cash, cash equivalents, and restricted cash as of year-end 2025. Following the successful completion of our bond tap issue in January 2026 and pro forma the expected gross proceeds from the M/T P. Sophia sale, our cash position is projected to increase to approximately $135 million. We remain committed to executing our fleet expansion strategy, while continuing to maintain prudent capital allocation and disciplined leverage management.” Corporate Developments Update on Outstanding Shares and Warrants As of March 3, 2026, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date: Class A Warrants to purchase up to 567,366 common shares at an exercise price of $15.75 per common share; Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of $1.65 per common share; Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of $1.65 per common share; Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of $2.25 per common share. Finally, the Company had 50,726 shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding. Update on Recent Developments During the fourth quarter of 2025 and through March 3, 2026, the Company achieved several key milestones: Acquired two 2019-built, modern eco-design Suezmax tankers, M/T P. Beverly Hills and M/T P. Bel Air, for $75.4 million each, net of brokerage commissions. Upon delivery in December 2025, both vessels commenced three-year time-charter contracts with Repsol Trading SA at $36,500 per day per vessel. Entered into a two-year time-charter contract with SeaRiver Maritime, a subsidiary of ExxonMobil Corporation, for the M/T P. Long Beach at $30,500 per day. Completed a $50 million tap issuance, priced at 103% of par value, under the Company’s 9.875% Nordic bonds due July 2029. Took delivery of the third newbuild LR2 Aframax tanker, M/T P. Marseille, in January 2026. Upon delivery, the vessel commenced its five-year time-charter contract with Clearlake Shipping Pte Ltd, a subsidiary of Gunvor Group, at a rate of $31,000 per day. Secured a three-year time-charter contract for M/T P. Monterey with PBF Holding Company LLC, a subsidiary of PBF Energy Inc., at $31,000 per day. Entered into an agreement to sell the oldest vessel in the fleet, M/T P. Sophia, for $35.65 million, with delivery expected in mid-2026. Entered into two shipbuilding contracts with China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd. for the construction of two 158,000 DWT newbuilding Suezmax tanker vessels. The vessels are expected to be delivered in October 2028 and May 2029, respectively, at a contract price of $81.5 million per vessel. Tanker Market Update for the Fourth Quarter of 2025: Tanker fleet supply was 709.92 million dwt, up 0.4% from 707.3 million dwt from the previous quarter and up 2.1% from Q4 2024 levels of 695.3 million dwt. Tanker demand has entered 2026 on firm footing, supported by elevated export volumes following increased oil production, strong Middle East and Latin America exports, resilient Chinese import demand, and shifting Venezuelan flows. In parallel, mainstream tonnage has been increasingly utilized, while ongoing geopolitical uncertainty further underpins demand conditions. As a result, in 2026 and 2027, seaborne oil trade in tonne-miles is expected to grow by approximately 0.7% and 1.4%, respectively. Tanker fleet supply in deadweight terms is estimated to grow by 4.2% in 2026 and by 5.5% in 2027. Newbuilding tanker contracting was 22.2 million dwt in the fourth quarter, resulting in a tanker orderbook-to-fleet ratio of 17.8%. Daily spot charter rates for Aframax tankers averaged $61,382, up 61.1% from the previous quarter average of $38,107 and up 58.4% from Q4 2024 average of $38,746. The value of a 10-year-old Aframax tanker at the end of the fourth quarter was $55.0 million, up 10.0% from $50.0 million in the previous quarter, and up 5.8% from $52.0 million in Q4 2024. Daily spot charter rates for Suezmax tankers averaged $77,370, up 50.6% from the previous quarter average of $51,385 and up 80.1% from Q4 2024 average of $42,948. The value of a 10-year-old Suezmax tanker at the end of the fourth quarter was $64.0 million, up 4.9% from $61.0 million in the previous quarter, and up 6.7% from $60.0 million in Q4 2024. The number of tankers used for floating storage (excluding dedicated storage) stood at 119 (14.4 million dwt) in the fourth quarter, down 4.8% from 125 (14.4 million dwt) at the end of the previous quarter and up 56.6% from 76 (10.1 million dwt) in Q4 2024. Global oil consumption was 104.3 million bpd, down 0.1% from the previous quarter level of 104.5 million bpd, and up 1.0% from Q4 2024 levels of 103.2 million bpd. Global oil production was 108.3 million bpd, up 0.3% from the previous quarter level of 108.0 million bpd and up 4.2% from Q4 2024 levels of 103.9 million bpd. OECD commercial inventories were 2,883 million barrels, up 0.9% from the previous quarter level of 2,858 million barrels, and up 5.1% from Q4 2024 levels of 2,743 million barrels. The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available. Supplemental Information On February 28, 2026, the United States and Israel launched strikes against Iran, killing Iran’s supreme leader Ayatollah Khamenei. In retaliation, Iranian missiles and drones targeted Israel and a number of countries that host US military bases—including Bahrain, the United Arab Emirates, Kuwait, Qatar and Saudi Arabia—and Hezbollah fired projectiles at Israel. While there is significant uncertainty about the duration of the war in Iran, the White House has stated that it may be a protracted engagement. These events have destabilized the region and may lead to significant disruptions across all sectors of the shipping industry. Further, shipping through the Strait of Hormuz, a waterway essential to the shipment of crude oil and refined petroleum, may experience prolonged disruption. Iran’s Islamic Revolutionary Guard Corps has warned vessels to avoid the passage. Increased electronic interference may affect navigational and tracking systems, which would heighten the risk of vessel collisions. One of our vessels, the M/T P. Aliki, chartered to Pakistan National Shipping Corporation, is currently operating within the Persian Gulf. Although it is impossible to predict exactly how this conflict will affect the tanker industry, it is very likely that a prolonged war will have significant impacts across the sector. ___________________ About the Company Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. The words “believe," “anticipate," “intends," “estimate," “forecast," “project," “plan," “potential," “will," “may," “should," “expect," “targets," “likely," “would," “could," “seeks," “continue," “possible," “might," “pending” and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war between Israel and Hamas and between Israel and the US and Iran, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to political events, armed conflict, accidents or labor disputes, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. (See financial tables attached) CONTACT: Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: + 30-216-600-2400 Email:[email protected] Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email:[email protected]

ATHENS, Greece, Nov. 25, 2025 (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 $3.9 million for the third quarter of 2025. This result is compared to a net income of $12.4 million for the same period in 2024. Earnings per share, basic and diluted, for the third quarter of 2025 were $0.28 and $0.10, respectively. Revenue was $18.5 million ($17.5 million net of voyage expenses) for the third quarter of 2025, compared to $22.9 million ($22.1 million net of voyage expenses) for the same period in 2024. This decrease was attributable to the decrease in time-charter equivalent rates (“TCE rates”) realized during the quarter and to the decrease in the available days following the drydock of the vessel P. Aliki in August 2025. Fleetwide, the average TCE rate for the third quarter of 2025 was $29,460, compared with an average rate of $34,307 for the same period in 2024. During the third quarter of 2025, net cash provided by operating activities was $13.5 million, compared with net cash provided by operating activities of $16.1 million for the third quarter of 2024. Net income for the nine months ended September 30, 2025, amounted to $42.4 million, compared to a net income of $34.0 million for the nine months ended September 30, 2024. Earnings per share, basic and diluted, for the nine months ended September 30, 2025, amounted to $3.30 and $1.09, respectively. Commenting on the results of the third quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “During the third quarter of 2025, tanker market conditions remained firm, supported by increased tonne-mile demand stemming from high global demand and ongoing geopolitical disruptions. Aframax spot rates averaged approximately $37,500 per day during the period, resulting in a favorable charter rate environment for our fleet. Our balanced fleet deployment strategy—combining spot exposure through one Aframax tanker operating under a pool arrangement and stable cash flows from our time-chartered vessels—generated a fleetwide average time-charter equivalent rate of $29,460 per day and total revenue of $18.5 million. “Net income attributable to common stockholders was $3.5 million, compared with $12.0 million in the same period of 2024. The softer year-over-year performance primarily reflects higher financing and administrative expenses associated with our Nordic bond issuance and sale and lease-back transactions, as well as increased operating costs and reduced available revenue days resulting from the scheduled drydock of our Aframax tanker, M/T P. Aliki. “In line with our fleet renewal and expansion strategy, we recently agreed to acquire two 2019-built, eco-design Suezmax tankers, scheduled for delivery in early 2026. Employment for these vessels has been secured under three-year time charters at US$36,500 per day, while our Aframax tanker, M/T P. Long Beach, was recently employed under a two-year time-charter at US$30,500 per day. These arrangements have strengthened our cashflow visibility, increasing our secured revenue backlog to US$330 million and raising our fixed charter coverage to 70% for 2026 and 57% for 2027. With an additional vessel becoming available for employment this quarter, we expect to secure attractive terms given the constructive market fundamentals and the strong seasonal winter period for Aframax tankers. “The acquisition of the two Suezmax tankers marks a key milestone in our ongoing fleet growth and renewal strategy, by combining newbuilds and selective second-hand vessel purchases. This position captures future market opportunities through the operation of a younger, more competitive, and environmentally efficient fleet. In fact, since the end of last year, our operating fleet capacity in deadweight terms has increased by 75% when including the three vessels scheduled for delivery in January, and at the same time our fleet average age has declined from 13.6 to 9.2 years. “Supported by the US$100 million Nordic bond issuance, our quarter-end cash position of US$212 million underscores our strong liquidity and conservative capital structure, providing significant flexibility to fund our ongoing expansion initiatives.” Corporate Developments Update on Outstanding Shares and Warrants As of November 24, 2025, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date: Class A Warrants to purchase up to 567,366 common shares at an exercise price of $15.75 per common share; Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of $1.65 per common share; Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of $1.65 per common share; Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of $2.25 per common share. Finally, the Company had 50,726 shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding. Update on Recent Developments During the third quarter of 2025 and through November 24, 2025, the Company achieved several key milestones: Secured 3-year time-charter agreements with Repsol Trading SA for the M/T P. Beverly Hills and M/T P. Bel Air at $36,500 per day. Entered into a 2-year time-charter contract with SeaRiver Maritime, a subsidiary of ExxonMobil Corporation, for the M/T P. Long Beach at $30,500 per day. Acquired two 2019-built modern, eco-design Suezmax tankers, the M/T P. Beverly Hills and M/T P. Bel Air, for $75.4 million each, net of brokerage commissions, with delivery in January 2026. Took delivery of two newbuild LR2 Aframax tankers, the M/T P. Massport and M/T P. Tokyo, and commenced 5-year time-charter contracts with Clearlake Shipping Pte Ltd, a subsidiary of the Gunvor Group, at $31,000 per day. Secured a 1-year time-charter with Pakistan National Shipping Corporation for the M/T P. Aliki at $30,000 per day. Completed the issuance of $100 million 9.875% Nordic bonds due July 2029. Tanker Market Update for the Third Quarter of 2025: Tanker fleet supply was 707.4 million dwt, up 0.8% from 702.1 million dwt from the previous quarter and up 2.0% from Q3 2024 levels of 693.6 million dwt. Tanker demand is expected to remain firm heading into late 2025, driven by strong winter seasonality, rising Middle East and Brazilian export volumes, and shifting trade flows stemming from sanctions-related disruptions. In 2026, seaborne oil trade in tonne-miles is expected to grow by approximately 1.1%, supported by increased OPEC+ exports and strengthening Chinese import activity, while sanctions-driven trade rerouting pushes more cargoes onto long-haul routes, sustaining strong tonne-mile growth despite modest fleet expansion. Tanker fleet supply in deadweight terms is estimated to grow by 2.3% in 2025 and by 4.2% in 2026. Analysts project tanker fleet utilization to decline by 2.5% in 2026 and a further 0.3% in 2027, while standing at around 82-83% in 2026. Newbuilding tanker contracting was 7.9 million dwt in the third quarter, resulting in a tanker orderbook-to-fleet ratio of 15.2%. Daily spot charter rates for Aframax tankers averaged $37,538, down 12.2% from the previous quarter average of $42,765 and up 18.3% from Q3 2024 average of $31,724. The value of a 10-year-old Aframax tanker at the end of the third quarter was $50.0 million, unchanged from the previous quarter, and down 15.3% from $59.0 million in Q3 2024. The number of tankers used for floating storage (excluding dedicated storage) stood at 122 (14.3 million dwt) in the third quarter, up 0.8% from 121 (13.1 million dwt) at the end of the previous quarter and up 4.3% from 117 (13.8 million dwt) in Q3 2024. Global oil consumption was 105.0 million bpd, up 0.7% from the previous quarter level of 104.2 million bpd, and up 1.3% from Q3 2024 levels of 103.6 million bpd. Global oil production was 107.6 million bpd, up 2.3% from the previous quarter level of 105.1 million bpd and up 4.4% from Q3 2024 levels of 103.1 million bpd. OECD commercial inventories were 2,875 million barrels, up 3.5% from the previous quarter level of 2,779 million barrels, and up 2.9% from Q3 2024 levels of 2,794 million barrels. The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available. About the Company Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. The words “believe," “anticipate," “intends," “estimate," “forecast," “project," “plan," “potential," “will," “may," “should," “expect," “targets," “likely," “would," “could," “seeks," “continue," “possible," “might," “pending” and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war between Israel and Hamas, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. (See financial tables attached) CONTACT: Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: + 30-216-600-2400 Email:[email protected] Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email:[email protected]

ATHENS, Greece, July 30, 2025 (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 $9.1 million and net income attributable to common stockholders of $8.6 million for the second quarter of 2025. These results are compared to a net income of $10.2 million and net income attributable to common stockholders of $9.7 million for the same period in 2024. Earnings per share, basic and diluted, for the second quarter of 2025 were $0.69 and $0.23, respectively. Revenue was $18.1 million ($17.6 million net of voyage expenses) for the second quarter of 2025, compared to $20.5 million ($19.7 million net of voyage expenses) for the same period in 2024. This decrease was attributable to the decrease in the ownership days following the sale of the vessel P. Yanbu in March 2025, despite the increase in time-charter equivalent rates (“TCE rates”) realized during the quarter. Fleetwide, the average TCE rate for the second quarter of 2025 was $32,295, compared with an average rate of $30,970 for the same period in 2024. During the second quarter of 2025, net cash provided by operating activities was $11.3 million, compared with net cash provided by operating activities of $14.4 million for the second quarter of 2024. Net income for the six months ended June 30, 2025, amounted to $38.5 million, compared to a net income of $21.6 million for the six months ended June 30, 2024. Net income attributable to common stockholders for the six months ended June 30, 2025, amounted to $37.6 million, and resulted in earnings per share, basic and diluted, of $3.02 and $1.00, respectively. Net income attributable to common stockholders for the six months ended June 30, 2024, amounted to $20.7 million, and resulted in earnings per common share, basic and diluted, of $1.68 and $0.55, respectively. Commenting on the results of the second quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “During the second quarter of 2025, the tanker market remained firm, supported by steady ton-mile demand and heightened volatility particularly in June due to geopolitical tensions in the Middle East. Our Company, through its balanced fleet deployment strategy and efficient vessel operations, delivered solid financial results and achieved a fleetwide average time charter equivalent (TCE) rate of $32,295 per day. “This TCE rate, resulting in aggregate revenues of $18.1 million, compares favorably to the average rate of $30,970 per day during the equivalent period in 2024. This strong performance was achieved despite operating a smaller fleet and in a softer charter rate environment. Indicatively, the average Aframax tanker charter rate stood at $42,765 per day during the second quarter of 2025, representing a 16% year-over-year decline from the average daily charter rate of $51,140 per day recorded in the same period last year. “Our Company remains committed to executing its fleet renewal and expansion strategy, aiming to acquire a younger, more competitive, and environmentally sustainable fleet. This will be pursued through a combination of our well-supported newbuilding program and selective acquisitions of secondhand vessels. “Our financial strength, enhanced by our access to $100 million of non-dilutive and leverageable capital raised through our successful Nordic bond offering completed in July, provides significant liquidity to pursue our acquisition strategy. Our financial position remains robust, evidenced by a quarter-end -adjusted for the bond proceeds- cash position of approximately $192 million, and an aggregate secured revenue backlog of approximately $240 million. “With a disciplined and conservative capital structure, we are well positioned to pursue fleet expansion initiatives that support long-term growth and sustainable value creation for our shareholders.” Corporate Developments Update on Outstanding Shares and Warrants As of July 29, 2025, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date: Class A Warrants to purchase up to 567,366 common shares at an exercise price of $15.75 per common share; Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of $1.65 per common share; Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of $1.65 per common share; Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of $2.25 per common share. Finally, the Company had 50,726 shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding. Tanker Market Update for the Second Quarter of 2025: Tanker fleet supply was 701.6 million dwt, up 0.5% from 697.9 million dwt from the previous quarter and up 1.4% from Q2 2024 levels of 692.0 million dwt. Tanker demand is expected to show modest growth, with crude tanker demand supported by increased OPEC+ exports and projected DWT demand growth of 0.6% in 2025. In contrast, product tanker demand is set to decline by 0.9% in 2025, amid weak refining margins, soft oil demand, and reduced inter-basin trade. However, shifts in refining capacity and ongoing geopolitical rerouting could provide some support later in the year. Tanker fleet supply in deadweight terms is estimated to grow by 2.4% in 2025 and by 3.8% in 2026. Tanker fleet utilization averaged 84.6% in 2024, while analysts expect that it will slightly improve to levels of 85.2% in 2025 but decline to 83.7% in 2026. Newbuilding tanker contracting was 5.8 million dwt in the second quarter, resulting in a tanker orderbook-to-fleet ratio of 15.0%. Daily spot charter rates for Aframax tankers averaged $42,765, up 33.9% from the previous quarter average of $31,931 and down 16.4% from Q2 2024 average of $51,140. The value of a 10-year-old Aframax tanker at the end of the second quarter was $50.0 million, unchanged from the previous quarter, and down 16.7% from $60.0 million in Q2 2024. The number of tankers used for floating storage (excluding dedicated storage) stood at 119 (12.3 million dwt) in the second quarter, up 15.5% from 103 (11.5 million dwt) at the end of the previous quarter and up 2.6% from 116 in Q2 2024. Global oil consumption was 103.2 million bpd, up 1.0% from the previous quarter level of 102.2 million bpd, and up 0.4% from Q2 2024 levels of 102.7 million bpd. Global oil production was 104.5 million bpd, down 1.1% from the previous quarter level of 103.4 million bpd and up 1.6% from Q2 2024 levels of 102.8 million bpd. OECD commercial inventories were 2,796 million barrels, up 1.7% from the previous quarter level of 2,749 million barrels, and down 1.3% from Q2 2024 levels of 2,834 million barrels. The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available. About the Company Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. The words “believe," “anticipate," “intends," “estimate," “forecast," “project," “plan," “potential," “will," “may," “should," “expect," “targets," “likely," “would," “could," “seeks," “continue," “possible," “might," “pending” and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war between Israel and Hamas, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. (See financial tables attached) CONTACT: Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: + 30-216-600-2400 Email: [email protected] Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: [email protected]

ATHENS, Greece, May 27, 2025 (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 $29.4 million and net income attributable to common stockholders of $29.0 million for the first quarter of 2025. These results are compared to a net income of $11.4 million and net income attributable to common stockholders of $11.0 million for the same period in 2024. Earnings per share, basic and diluted, for the first quarter of 2025 were $2.33 and $0.76, respectively. Revenue was $21.3 million ($19.2 million net of voyage expenses) for the first quarter of 2025, compared to $22.4 million ($21.6 million net of voyage expenses) for the same period in 2024. This decrease was attributable to the slight decrease in the ownership days following the sale of the vessel P. Yanbu in March 2025, and the decrease in time-charter equivalent rates (“TCE rates”) realized during the quarter. Fleetwide, the average TCE rate for the first quarter of 2025 was $30,843, compared with an average rate of $33,857 for the same period in 2024. During the first quarter of 2025, net cash provided by operating activities was $15.5 million, compared with net cash provided by operating activities of $17.3 million for the first quarter of 2024. Commenting on the results of the first quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “Our solid financial results for the first quarter of 2025 demonstrate our ability to successfully navigate the market cycle capitalizing on our efficient vessel operations and balanced fleet deployment strategy. During the quarter, our exposure to the spot market upside through the operations of our two Aframax tanker vessels under voyage charters and pool arrangements along with the robust cash flow secured through the time charter contract arrangements of our remaining fleet, enabled us to achieve a fleetwide average time charter equivalent rate of $30,843 per day. “Notwithstanding the significant softening observed in crude oil tanker charter rates over the past year, our Company generated revenue of $21.3 million during the first quarter of 2025. This figure compares favorably to the revenue of $22.4 million generated during the same period last year, underscoring our ability to deliver strong performance even in more challenging market conditions. “In particular, the average Aframax tanker charter rate stood at $31,931 per day in the first quarter of 2025, that is significantly lower than the average daily rate of $56,338 recorded in the same period last year. Despite this decline, the Aframax tanker market remains resilient and constructive, supported by solid market fundamentals. As a result, during the current quarter spot rates for Aframax tankers averaged at approximately $40,700 per day, providing an attractive freight rate environment for our fleet operations. “Pursuant to our fleet renewal and expansion strategy, focused on selective acquisitions and opportunistic sales of older vessels, we completed the sale of our 2011-built Aframax tanker, M/T P. Yanbu, during the first quarter of 2025. The transaction was concluded at a gross sale price of $39 million and resulted in a gain on vessel sale of $19.5 million. As a result, our Company reported net income attributable to common stockholders of $29.0 million for the quarter, representing a 164% increase on a year-over-year basis. “At the same time, we remain focused on our newbuild program, which remains well-supported by our strategic long-term partnership with a top-tier charterer as well as the delivery financing secured for three of our newbuilding vessels. Our financial position remains robust, with a quarter-end cash balance (including restricted cash) of approximately $108.3 million, representing 2.4x our outstanding bank debt, and an aggregate revenue backlog of $220 million.” Corporate Developments Update on Outstanding Shares and Warrants As of May 26, 2025, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date: Class A Warrants to purchase up to 567,366 common shares at an exercise price of $15.75 per common share; Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of $1.65 per common share; Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of $1.65 per common share; Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of $2.25 per common share. Finally, the Company had 50,726 shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding. Tanker Market Update for the First Quarter of 2025: Tanker fleet supply was 698.0 million dwt, up 0.4% from 695.0 million dwt from the previous quarter and up 1.0% from Q1 2024 levels of 691.4 million dwt. The tanker sector continues to exhibit healthy dynamics, with tonne-mile demand projected to grow by 0.4% in 2025. This growth comes against the backdrop of a constrained fleet supply, driven by a shrinking pool of environmentally compliant vessels. However, geopolitical challenges remain on the horizon, particularly the gradual easing of Red Sea-related trade flow shifts and the complexities that may arise from a potential tightening of U.S. sanctions on trade activities and charter rates. Tanker fleet supply in deadweight terms is estimated to grow by 2.1% in 2025 and by 3.9% in 2026. Tanker fleet utilization averaged 84.9% in 2024, while analysts expect that it will slightly improve to levels of 85.3% in 2025 and 84.8% in 2026. Newbuilding tanker contracting was 3.6 million dwt in the first quarter, resulting in a tanker orderbook-to-fleet ratio of 14.7%. Daily spot charter rates for Aframax tankers averaged $31,931, down 17.6% from the previous quarter average of $38,746 and down 43.3% from Q1 2024 average of $56,338. The value of a 10-year-old Aframax tanker at the end of the first quarter was $50.0 million, down 3.9% from $52.0 million in the previous quarter, and down 13.8% from $58.0 million in Q1 2024. The number of tankers used for floating storage (excluding dedicated storage) stood at 102 (11.2 million dwt) in the first quarter, up 15.4% from 74 (9.7 million dwt) at the end of the previous quarter and up 2.0% from 91 (10.9 million dwt) in Q1 2024. Global oil consumption was 103.2 million bpd, down 0.07% from the previous quarter level of 103.2 million bpd, and up 1.5% from Q1 2024 levels of 101.7 million bpd. Global oil production was 103.2 million bpd, down 0.08% from the previous quarter level of 103.3 million bpd and up 1.0% from Q1 2024 levels of 102.2 million bpd. OECD commercial inventories were 2,719 million barrels, down 0.01% from the previous quarter level of 2,742 million barrels, and down 0.01% from Q1 2024 levels of 2,757 million barrels. The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available. ___________________ About the Company Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. The words “believe," “anticipate," “intends," “estimate," “forecast," “project," “plan," “potential," “will," “may," “should," “expect," “targets," “likely," “would," “could," “seeks," “continue," “possible," “might," “pending” and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, changes in governmental rules and regulations or actions taken by regulatory authorities, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war between Israel and Hamas, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. (See financial tables attached) CONTACT: Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: + 30-216-600-2400 Email: [email protected] Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: [email protected]