Performance Shipping Inc. (NASDAQ: PSHG), ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has signed a Memorandum of Agreement to sell its oldest vessel, the 2010-built, 105,304 dwt Aframax tanker vessel, M/T P. Aliki, to Trafigura Maritime Logistics Pte. Ltd. for a gross sale price of US$42.65 million. The vessel is expected to be delivered to the new owners in or around the end of the third quarter 2026, subject to customary closing conditions and upon expiration of her current US$30,000 per day time charter with Pakistan National Shipping Corporation.

The M/T P. Aliki currently serves as part of the collateral for the Company's outstanding credit facility with Alpha Bank S.A. Part of the net proceeds from the sale will be applied to repay approximately US$12.8 million in accordance with the terms of the loan agreement.