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Performance Shipping Inc. Announces Agreement to Acquire an Aframax Tanker and US$11.0 Million Investment by Its Chairman

ATHENS, Greece, Nov. 20, 2019 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships and tanker vessels, today announced that it has agreed to acquire from a related party all of the issued and outstanding shares of an entity that has entered into a contract to purchase one 2007 built Aframax tanker vessel from an unaffiliated third party seller for a total purchase price of US$26.0 million. The transaction was approved by a majority of the disinterested members of the board of directors of the Company.The Company will acquire the entity from the Company’s Chairman and Chief Executive Officer, Mr. Symeon Palios, for an aggregate purchase price of US$11.0 million, which will be paid in common shares of the Company at a per share price of US$0.9027, which is equal to the undiscounted closing price of the common stock on the NASDAQ stock exchange on November 18, 2019. The US$11.0 million purchase price of the entity is equal to the deposit previously paid to the vessel’s seller by an affiliate of the Company’s Chairman. The balance of the purchase price payable under the contract is expected to be funded through cash on hand and/or bank financing. The vessel is expected to be delivered at the latest by January 31, 2020.Corporate Contact:
Ioannis Zafirakis
Director, Chief Strategy Officer and Secretary
Telephone: +30-216-600-2400
Email: Website: www.pshipping.com Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: +1-203-972-8350
Email:

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