ATHENS, Greece, Feb. 10, 2020 (GLOBE NEWSWIRE) — 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 CompanyPerformance 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.Cautionary Statement Regarding Forward-Looking StatementsMatters 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 statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.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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