Performance Shipping Inc. Announces Sale of 2009-Built Aframax Vessel M/T P. Sophia for US$35.65 Million

Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has signed a Memorandum of Agreement to sell its oldest vessel, the 2009-built, 105,071 dwt Aframax tanker vessel, M/T P. Sophia, to an unaffiliated third party for a gross sale price of US$35.65 million. The vessel is expected to be delivered to her new owners in mid-2026, subject to customary closing conditions.

The M/T P. Sophia currently serves as part of the collateral for the Company’s outstanding Nordic bond. The net proceeds from the sale will be applied in accordance with the terms of the bond agreement.

The Company acquired the M/T P. Sophia in the third quarter of 2022 for a gross purchase price of US$27,577,320.

Commenting on this sale, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“We are pleased to announce that we have capitalized on the continued strength in Aframax tanker values through the sale of the M/T P. Sophia for a gross price of US$35.65 million. While the outlook for the Aframax sector remains solid, we believe this transaction represents a timely and compelling opportunity for our Company, reflecting our disciplined and opportunistic approach in accordance with our fleet renewal strategy.

“As the oldest vessel currently in our fleet, the divestment of the M/T P. Sophia enhances our fleet profile by reducing the fleetwide average age, and further improving operational efficiency and commercial competitiveness. In addition, the Company will continue to operate the vessel through the expiration of the current US$43,000 per day charter, expected to conclude in or around late May 2026.

“This sale is expected to generate an approximate gain of US$8 million compared to the acquisition price paid three years ago and meaningfully strengthen our liquidity position.”