Performance Shipping Inc., update on Repurchases under the previously announced share buyback program

Company Profiles, Containers, Markets, Stock Markets, Tankers — By on February 10, 2020 at 2:55 PM

Performance Shipping Inc., update on Repurchases under the previously announced share buyback program

ATHENS, GREECE, February 10, 2020 – Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that, since the previous update on the share buyback program (the “Program”) on February 3, 2020, it has repurchased an aggregate of 160,149 common shares at an average price of US$0.8033 per share. Since the beginning of the Program, the Company has repurchased an aggregate of 287,692 common shares at an average price of US$0.8059 per share. All common shares repurchased under the Program, which expires on December 21, 2020, have been or will be cancelled. Following the settlement and cancelation of all shares repurchased under the Program, the Company will have 49,150,762 common shares issued and outstanding. Separately, the Company’s issued and outstanding Series B-2 preferred shares have been reduced to 1,200.

Commenting on the repurchases, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer, stated:

“The Company is continuing to deliver on its commitment to return value to shareholders via the share buyback program. We believe current market conditions represent an attractive opportunity to purchase common shares at a significant discount to their intrinsic value. We remain confident that our strategy of diversification into the tanker sector will continue to enhance the Company’s value.”

About the Company

Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on charters with leading charterers.

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