Performance Shipping Inc. (NASDAQ:PSHG), ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today announced that it has entered into time charter agreements with Repsol Trading S.A. ("Repsol") for its two previously announced 158,000 dwt Suezmax tanker newbuilding vessels (the "Vessels") under construction in China, by China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd.

Under the agreements, the first vessel has been chartered for a period of seven (7) years (±30 days) at a daily hire rate of US$35,000, while the second vessel has been chartered for a period of five (5) years (±30 days) at a daily hire rate of US$36,850, payable monthly in advance. The Vessels are expected to be delivered from the shipyard to the Company in October 2028 and May 2029 and will commence their respective charters with Repsol upon their delivery.

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