Performance Shipping Signs Memorandum Of Agreement To Sell 2009-Built, 105,071 Dwt Aframax Tanker Vessel, M/T P. Sophia, To Unaffiliated Third Party For Gross Sale Price Of $35.65M

Performance Shipping Inc. (NASDAQ:PSHG), ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today 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.