Performance Shipping Has Entered Into Long-Term Time Charter Contracts With Repsol Trading S.A For Its Two Recently Acquired Suezmax Tankers At A Gross Rate Of $36,500 Per Day Per Vessel; Expected To Generate ~$78M In Gross Revenue

Performance Shipping Inc. (NASDAQ:PSHG) ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today announced that the Company has entered into long-term time charter contracts with Repsol Trading S.A (the "Charterer" or "Repsol") for its two recently acquired Suezmax tankers, the previously announced M/T P. Bel Air and M/T P. Beverly Hills, each 157,000 DWT, built in 2019 by Hyundai Samho Heavy Industries in South Korea and scheduled for delivery to the Company by early 2026.

The vessels will be chartered to Repsol for a three-year time charter period, plus or minus 30 days at the Charterer's option, at a gross rate of US$36,500 per day per vessel, commencing upon their delivery to the Company.

This employment is expected to generate approximately US$78 million in gross revenue for the minimum firm period of the three-year charters, further enhancing the Company's fleetwide contracted revenue backlog and earnings visibility.