Performance Shipping Names And Delivers LNG-Ready M/T P. Tokyo Tanker; Starts 5-Year Charter At $31K/Day

Performance Shipping Inc. (NASDAQ:PSHG) ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, is pleased to announce the successful naming and delivery of the M/T P. Tokyo, the second vessel from its current newbuilding program, constructed at Shanghai Waigaoqiao Shipbuilding Co. Ltd. (SWS) in the People's Republic of China. The M/T P. Tokyo, previously referred to as Hull H1596, is a 114,000 DWT LNG-ready Tier III product/crude oil tanker. The naming ceremony was held at the shipyard, with Ms. Xinghang Zhang serving as the vessel's godmother. Upholding maritime tradition, she blessed the vessel and wished her crew safe and successful voyages.

This delivery follows the M/T P. Massport and marks another important step in the Company's fleet expansion and renewal strategy. Two further newbuildings, an additional sister LR2 Aframax and an LR1 chemical/product tanker, are scheduled for delivery in early 2026 and early 2027 respectively.

As previously announced, all three newbuilding LR2 vessels have secured five-year charter contracts with Clearlake Shipping Pte Ltd (the "Charterer"), a subsidiary of the Gunvor Group, one of the world's largest independent commodities trading houses. Following delivery to the Company, the M/T P. Tokyo was delivered to the Charterer. The vessel has commenced operations under the five-year time charter contract at a gross rate of US$31,000 per day, with options for a sixth and seventh year at a base rate plus profit-sharing.