Performance Shipping Inc. Repurchases Under the Previously Announced Share Buyback Program

Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that, since January 29, 2020, it has repurchased an aggregate of 127,543 common shares under its previously announced share buyback program (the “Program”) at an average price of $0.8091 per share. All common shares repurchased under the Program have been or will be cancelled. Following the settlement and cancellation of all shares repurchased under the Program, the Company will have 49,173,530 common shares issued and outstanding. In addition, the Company's issued and outstanding Series B-2 preferred shares have been reduced from 1,500 to 1,300.

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

“The Company is pleased to have begun implementing its share buyback program to return value to shareholders. We believe current market conditions represent an attractive opportunity to purchase common shares at a significant discount to their intrinsic value. We remain confident with our diversification into the tanker sector, which positively contributed to our 2019 fourth-quarter results.”

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.

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 statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions 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 the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for our vessels, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, 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, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Corporate Contact:
                                                                        Ioannis Zafirakis
                                                                        Director, Chief Strategy Officer and Secretary
                                                                        Telephone: [phone]
                                                                        Email: [e-mail]

                                                                        Website: www.pshipping.com

                                                                        Investor and Media Relations:
                                                                        Edward Nebb
                                                                        Comm-Counsellors, LLC
                                                                        Telephone: + 1-203-972-8350
                                                                        Email: [e-mail]