For Immediate Release

PERFORMANCE SHIPPING INC. ANNOUNCES RESULTS OF

2023 ANNUAL GENERAL MEETING OF SHAREHOLDERS

ATHENS, GREECE, February 22, 2023 - Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced that the Company’s Annual General Meeting of Shareholders (the “Meeting”) was duly held on February 22, 2023, in Athens, Greece, pursuant to a Notice of Annual Meeting of Shareholders dated January 24, 2023. Broadridge Financial Solutions, Inc. acted as inspector of the Meeting.

At the Meeting, each of the following proposals, which are set forth in more detail in the Notice of Annual Meeting of Shareholders and the Company's Proxy Statement sent to shareholders on or around January 24, 2023, was approved and adopted:

About the Company

Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters.

Exhibit 99.2

Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: + 30-216-600-2400 Email: amichalopoulos@pshipping.com Website: www.pshipping.com

Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net

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Tanker fleet supply was 675.3 million dwt, up 0.7% from 670.8 million dwt from the previous quarter and up 3.5% from Q4 2021 levels of 652.6 million dwt.

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Tanker demand in billion tonne-miles is projected to increase by a firm 7.6% in 2023, supported by new trade patterns established as a result of European sanctions on Russian crude oil. As Europe uses alternative sources of crude oil and Russia sells to alternative buyers, longer-haul trade routes are emerging, boosting tonne-mile demand.

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Tanker fleet supply in deadweight terms is estimated to grow by a moderate 1.4% in 2023.

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Crude oil tanker fleet utilization was estimated at 80.0%, up from 79.5% in the previous quarter and up from 79.0% in Q4 2021.

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Newbuilding tanker contracting was just 3.0 million dwt in the fourth quarter, resulting in a tanker orderbook-to-fleet ratio of 4.3%, the lowest level of the past 27 years.

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Daily spot charter rates for Aframax tankers averaged $90,991, up 73.0% from the previous quarter average of $52,610 and up 720.3% from the Q4 2021 average of $11,093.

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The value of a 10-year-old Aframax tanker at the end of the fourth quarter was $45.0 million, up 7.1% from $42.0 million in the previous quarter, and up 66.7% from $27.0 million in Q4 2021.

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The number of tankers used for floating storage (excluding dedicated storage) was 148 (23.6 million dwt), down 17.8% from 180 (26.1 million dwt) in the previous quarter and down 15.4% from Q4 2021 levels of 175 (27.4 million dwt).

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Global oil consumption was 99.7 million bpd, down 0.7% from the previous quarter level of 100.4 million bpd, and up 0.4% from Q4 2021 levels of 99.3 million bpd.

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Global oil production was 101.4 million bpd, up 0.6% from the previous quarter level of 100.8 million bpd and up 3.1% from Q4 2021 levels of 98.3 million bpd.

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OECD commercial inventories were 2,782.7 million barrels, up 1.7% from the previous quarter level of 2,735.2 million barrels, and up 5.4% from Q4 2021 levels of 2,640.2 million barrels.

Summary of Selected Financial & Other Data (Continuing and Discontinued Operations1 )
			For the three months ended December 31,				For the years ended December 31,
			2022		2021		2022		2021
			(unaudited)		(unaudited)		(unaudited)
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
	Revenue	$	27,767	$	9,647	$	75,173	$	36,491
	Voyage expenses		2,838		4,152		14,861		19,205
	Vessel operating expenses		4,241		3,738		13,828		12,301
	Net income / (loss)		23,837		(2,050)		36,300		(9,706)
	Net income / (loss) attributable to common stockholders		9,412		(2,050)		12,003		(9,706)
	Earnings / (Loss) per common share, basic		2.31		(6.11)		6.49		(28.97)
	Earnings / (Loss) per common share, diluted		1.18		(6.11)		3.02		(28.97)
FLEET DATA
	Average number of vessels		6.7		5.0		5.7		5.0
	Number of vessels		8.0		5.0		8.0		5.0
	Ownership days		616		460		2,069		1,825
	Available days		616		411		2,039		1,735
	Operating days (2)		590		363		1,974		1,484
	Fleet utilization		95.8%		88.3%		96.8%		85.5%
AVERAGE DAILY RESULTS
	Time charter equivalent (TCE) rate (3)	$	40,469	$	13,370	$	29,579	$	9,963
	Daily vessel operating expenses (4)	$	6,885	$	8,126	$	6,683	$	6,740

(1)	Discontinued Operations refer to our container vessels segment that we disposed of in 2020.

(2)

Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire. The specific calculation counts as on-hire the days of the ballast leg of the spot voyages, as long as a charter party is in place. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

(3)

Time charter equivalent rates, or TCE rates, are defined as revenue (voyage, time charter and pool revenue), less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels despite changes in the mix of charter types (i.e., voyage (spot) charters, time charters and bareboat charters).

(4)

Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, lubricant costs, tonnage taxes, regulatory fees, environmental costs, lay-up expenses and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Fleet Employment Profile (As of February 23, 2023)
Performance Shipping Inc.’s fleet is employed as follows:
	Vessel	Year of Build	Capacity	Builder	Vessel Type	Charter Type	Notes
	Aframax Tanker Vessels
1	BLUE MOON	2011	104,623 DWT	Sumitomo Heavy Industries Marine & Engineering Co., LTD.	Crude	Time-Charter
2	BRIOLETTE	2011	104,588 DWT	Sumitomo Heavy Industries Marine & Engineering Co., LTD.	Crude	Time-Charter
3	P. KIKUMA	2007	115,915 DWT	Samsung Heavy Industries Co Ltd.	Crude	Pool
4	P. YANBU	2011	105,391 DWT	Sumitomo Heavy Industries Marine & Engineering Co., LTD.	Crude	Time-Charter
5	P. SOPHIA	2009	105,071 DWT	Hyundai Heavy Industries Co., LTD	Crude	Pool
6	P. ALIKI	2010	105,304 DWT	Hyundai Heavy Industries Co., LTD	Product	Time-Charter
7	P. MONTEREY	2011	105,525 DWT	Hyundai Heavy Industries Co., LTD	Crude	Time-Charter
8	P. LONG BEACH	2013	105,408 DWT	Hyundai Heavy Industries Co., LTD	Product	Pool

PERFORMANCE SHIPPING INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except for share and per share data
CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUING AND DISCONTINUED OPERATIONS)
			For the three months ended December 31,				For the years ended December 31,
			2022		2021		2022		2021
REVENUE:			(unaudited)		(unaudited)		(unaudited)
	Revenue	$	27,767	$	9,647	$	75,173	$	36,491
EXPENSES:
	Voyage expenses		2,838		4,152		14,861		19,205
	Vessel operating expenses		4,241		3,738		13,828		12,301
	Depreciation and amortization of deferred charges		2,715		1,912		9,281		7,472
	General and administrative expenses		2,046		1,468		6,751		5,782
	Gain on vessels' sale		(9,543)		-		(9,543)		-
	Provision for credit losses and write offs		15		175		33		160
	Foreign currency losses / (gains)		31		(48)		(20)		31
	Operating income / (loss)	$	25,424	$	(1,750)	$	39,982	$	(8,460)
OTHER INCOME / (EXPENSES):
	Interest and finance costs		(1,758)		(439)		(3,966)		(1,801)
	Interest income		171		2		284		18
	Gain from property sale		-		137		-		137
	Other income		-		-		-		400
	Total other expenses, net	$	(1,587)	$	(300)	$	(3,682)	$	(1,246)
Net income / (loss)		$	23,837	$	(2,050)	$	36,300	$	(9,706)
Income allocated to participating securities			(2)		-		(6)		-
Deemed dividends			(13,968)		-		(23,261)		-
Dividends on preferred stock			(455)		-		(1,030)		-
Net income / (loss) attributable to common stockholders		$	9,412	$	(2,050)		12,003		(9,706)
Earnings/ (Loss) per common share, basic		$	2.31	$	(6.11)	$	6.49	$	(28.97)
Earnings / (Loss) per common share, diluted		$	1.18	$	(6.11)	$	3.02	$	(28.97)
Weighted average number of common shares, basic			4,065,977		335,513		1,850,072		335,086
Weighted average number of common shares,  diluted			13,385,425		335,513		6,447,710		335,086

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (CONTINUING AND DISCONTINUED OPERATIONS)
			For the three months ended December 31,				For the years ended December 31,
			2022		2021		2022		2021
			(unaudited)		(unaudited)		(unaudited)
Net income / (loss)		$	23,837	$	(2,050)	$	36,300	$	(9,706)
Other comprehensive income/ (loss) (Actuarial gain/ (loss))			68		(10)		68		(10)
Comprehensive income / (loss)		$	23,905	$	(2,060)	$	36,368	$	(9,716)

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Expressed in thousands of US Dollars)
			December 31, 2022		December 31, 2021*
ASSETS			(unaudited)
Cash, cash equivalents and restricted cash		$	39,726	$	9,574
Vessels, net			236,607		123,036
Other fixed assets, net			72		151
Other assets			16,574		12,163
	Total assets	$	292,979	$	144,924
LIABILITIES AND STOCKHOLDERS' EQUITY
Long-term bank debt, net of unamortized deferred financing costs		$	127,675	$	49,898
Other liabilities			9,599		7,677
Total stockholders' equity			155,705		87,349
	Total liabilities and stockholders' equity	$	292,979	$	144,924
* The balance sheet data as of December 31, 2021 has been derived from the audited consolidated financial statements at that date.

OTHER FINANCIAL DATA (CONTINUING AND DISCONTINUED OPERATIONS)
			For the three months ended December 31,				For the years ended December 31,
			2022		2021		2022		2021
			(unaudited)		(unaudited)		(unaudited)
Net Cash provided by / (used in) Operating Activities		$	23,680	$	(1,790)	$	33,847	$	(3,123)
Net Cash provided by / (used in) Investing Activities		$	(78,121)	$	1,070	$	(112,950)	$	(770)
Net Cash provided by / (used in) Financing Activities		$	58,705	$	(1,978)	$	109,255	$	(7,911)

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Exhibit 99.3

Corporate Contact:

Andreas Michalopoulos

Chief Executive Officer, Director and Secretary          

Telephone: +30-216-600-2400

Email: amichalopoulos@pshipping.com

Website: www.pshipping.com

For Immediate Release

Investor and Media Relations:

Edward Nebb

Comm-Counsellors, LLC

Telephone: + 1-203-972-8350

Email: enebb@optonline.net

 

PERFORMANCE SHIPPING INC. ANNOUNCES

TERMINATION OF AT-THE-MARKET OFFERING

 

ATHENS, GREECE, February 27, 2023 – 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 provided notice of termination of the ATM Sales Agreement with Virtu Americas LLC dated December 9, 2022 (the “ATM Agreement”). The Company is terminating the ATM Agreement because it does not intend to raise additional capital or sell additional shares under the ATM Agreement.

 

Prior to termination, the Company issued and sold 365,196 shares of its common stock under the ATM Agreement at an average price per share of US$3.30, raising total gross proceeds of approximately US$1.2 million.

 

About the Company

 

Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters.

 

Cautionary Statement Regarding Forward-Looking Statements

 

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire.

 

The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “targets,” “likely,” “would,” “could,” “seeks,” “continue,” “possible,” “might,” “pending” and similar expressions, terms or phrases may identify forward-looking statements.

 

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.

 

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including the ongoing outbreak of the novel coronavirus (COVID-19) and its impact on the demand for seaborne transportation of petroleum and other types of products, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

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