Performance Shipping Inc. Commences Offer to Exchange Up to 4,066,181 Common Shares for Shares of Series B Convertible Cumulative Perpetual Preferred Stock

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced the commencement of an offer to exchange up to 4,066,181 of its currently issued and outstanding common shares of the Company, par value $0.01 per share (the “Common Shares”), for newly issued shares of the Company’s Series B Convertible Cumulative Perpetual Preferred Stock, par value $0.01 and liquidation preference $25.00 (the “Series B Preferred Shares”) at a ratio of 0.28 Series B Preferred Shares for each Common Share. The exchange offer will expire at the end of the day, 5:00 P.M., New York City Time, on January 21, 2022, unless extended or withdrawn.

The exchange offer is being made pursuant to an Offer to Exchange dated December 20, 2021 filed as an exhibit to the Company’s Schedule TO, dated December 20, 2021, each of which have been filed with the U.S. Securities and Exchange Commission (the “SEC”) and more fully set forth the terms and conditions of the exchange offer and the Series B Preferred Shares, including certain conditions to the closing of the offer to exchange. The Company has retained Computershare Trust Company, N.A. as the depositary for the exchange offer and Georgeson LLC as the information agent.

Copies of the Offer to Exchange and the related Letter of Transmittal are being mailed to the Company’s shareholders. Additional copies of the Offer to Exchange and the related Letter of Transmittal may be obtained at the Company’s expense from the information agent at (800) 676-0098 (toll free). Questions regarding the exchange offer should be directed to the information agent at (800) 676-0098 (toll free). Parties outside the U.S. can reach the information agent at +1-781-575-2137.