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Performance Shipping Inc. Announces Delivery of the LR2 Aframax Oil Product Tanker, M/T P. Aliki

ATHENS, Greece, Nov. 10, 2022 (GLOBE NEWSWIRE) --  Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has taken delivery of the M/T P. Aliki (formerly “Alpine Amalia”), a 2010-built LR2 Aframax oil product tanker of 105,304 dwt that the Company entered into an agreement to purchase in August 2022.

As previously announced, the M/T P. Aliki was acquired for a total purchase price of US$36.5 million and financed with US$18.25 million cash on hand and US$18.25 million from the recently announced term loan facility with Alpha Bank S.A. The vessel is the Company’s first LR2. Following the delivery, as previously disclosed, the vessel will enter into a time charter contract with Trafigura Maritime Logistics Pte Ltd. commencing in mid-November at a daily rate of US$45,000 per day for a period of minimum seven (7) months to a maximum of ten (10) months at the option of the charterer.

Commenting on this delivery, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“As already stated, the acquisition of our first LR2 tanker, which is also BWTS and EGCS (scrubber) fitted, represents the entry of our Company into the refined petroleum product tanker sector, which we believe to be a market segment with sustainable fundamentals. The lucrative level of fixed revenue ranging from a minimum of US$9.5 million to a maximum of US$13.7 million, depending on the duration of the charter, is indicative of the firming market environment and our Company’s strong performance generating significant cash flows and achieving high utilization going forward.”

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 the vessels we have agreed 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.

CONTACT: 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