Performance Shipping's Strategic Vision for Growth and Value

Performance Shipping’s Commitment to Growth and Value Creation

Mails Proxy Materials and Letter to Shareholders
in Connection with Annual General Meeting of Shareholders

Recommends Shareholders Vote on the WHITE Proxy Card “FOR” Performance Shipping’s Nominee and Highly Qualified Board

Performance Shipping Inc. (NASDAQ: PSHG), a leading global shipping company focused on owning tanker vessels, has streamlined its efforts to enhance shareholder value through an upcoming Annual General Meeting of Shareholders. In preparation, the company has distributed proxy materials to its shareholders, outlining their robust growth strategy and the significance of participating in the decision-making process.

Annual General Meeting Details and Shareholder Recommendations

The Annual Meeting is set to take place soon, providing an opportunity for shareholders to express their opinions through voting. Shareholders who hold shares as of a specified date will have the right to engage in this important event.

The company is strongly encouraging shareholders to vote in favor of its recommended director nominee, emphasizing the critical nature of this vote for the company's future. Their strategic approach positions Performance Shipping for continued success in a fluctuating market.

Strategic Highlights from Performance Shipping

The recent communication to shareholders underlined several pivotal points crucial to understanding the company’s trajectory:

• Performance Shipping has cultivated a robust foundation geared towards growth, anchored in its specialized Aframax tanker fleet and effective management structure.
• The company’s strategy underlines an emphasis on fleet expansion and forging strong partnerships that secure profitable commercial opportunities.
• The management team, composed largely of independent directors, is committed to acting in the company's best interests, ensuring that shareholder objectives align with operational goals.
• A firm stand against external maneuvers intended to undermine the company’s strategic objectives reinforces its commitment to shareholders.

Building a Strong Framework for Continued Success

Over the past few years, Performance Shipping has made significant strides in differentiating itself within the shipping industry. The emphasis on a well-structured corporate framework forms the basis for sustainable value creation.

A few core strengths that fortify this foundation include:

• A Unique Pure-Play Tanker Fleet: Since becoming the only publicly traded company focused solely on Aframax tankers, Performance has built a versatile fleet that can offer attractive options to charterers.
• A Simplified Corporate Structure: By managing all fleet operations in-house, the company maintains a streamlined operation that enhances efficiency and reduces costs.
• Strong Leadership Team: The recent addition of highly qualified executives brings vast experience in public company operations and strategic management, fostering robust company progress.

Implementation of a Focused Strategy

Performance Shipping is executing a comprehensive growth strategy that translates into tangible results. Some integral components of this strategy include:

• Expanding the Fleet: A commitment to increasing the fleet’s capacity while maintaining the highest operational standards is at the forefront of their initiatives.
• Securing Attractive Deployments: Leveraging strong relationships within the chartering industry allows for competitive rates and maximized vessel utilization.
• Commitment to Sustainability: Recognizing the importance of environmental responsibility, Performance seeks to continually enhance its sustainability efforts, complying with all relevant regulations.
• Maintaining Financial Stability: The focus on prudent capital management and a low debt-to-equity ratio underpins the company’s long-term viability and growth potential.

The Call to Action: Vote for Long-Term Success

The Board of Directors encourages all shareholders to engage in this pivotal moment by voting FOR Performance Shipping's nominated directors and AGAINST any proposals that may jeopardize the company’s strategic direction.

With the capability to harness the current shipping market dynamics effectively, the future looks bright for Performance Shipping. The team's proactive measures ensure that the company continues to be a leading player in the tanker segment.

Frequently Asked Questions

What is the primary focus of Performance Shipping Inc.?

Performance Shipping specializes in the ownership and operation of tanker vessels, aiming to provide efficient shipping services.

Why is the Annual General Meeting significant for shareholders?

The Annual Meeting offers a chance for shareholders to vote on important company matters, influencing its strategic direction and leadership.

What are some key strengths of Performance Shipping?

The company's primary strengths include a unique fleet structure, effective management, and a transparent corporate governance approach.

How is Performance Shipping ensuring sustainability?

The company integrates sustainability into its operations by adhering to environmental regulations and implementing initiatives to reduce emissions.

Why should shareholders vote against proposals from George Economou?

Shareholders are encouraged to reject these proposals as they may undermine the company’s long-term growth potential and strategic initiatives.

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