[surfer44]

June presentation.

https://pshipping.com/sites/default/files/2025-06/PSHG%20Presentation%20June%2018%2C%202025.pdf

[surfer44]

Book value $24.51

[gladeshawk]

Now in correction mode. Could pullback to $1.60 area. Just a FYI. HAWK

[gladeshawk]

Looks like pps is heading over $2.00.

[gladeshawk]

Still sore. Dr. says all went well. Just have to take it easy for a few weeks. Doing a lot of sleeping/resting. Thanks for all the work you do. Stay safe. Looks like a lot of tankers are making money at anchor. Oil glut in the making?? HAWK

[surfer44]

I haven't heard anything new about the offer. Still waiting. Hope things went well with the surgery.

Surf

[gladeshawk]

Surf, no comments on tender offer. I've been laid up after some surgery. Fell behind on my DD. Any info would be appreciated. TIA in advance for your thoughts on this. HAWK

[surfer44]

Performance Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2025
May 27 2025 - 9:27AM



Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported net income of $29.4 million and net income attributable to common stockholders of $29.0 million for the first quarter of 2025. These results are compared to a net income of $11.4 million and net income attributable to common stockholders of $11.0 million for the same period in 2024. Earnings per share, basic and diluted, for the first quarter of 2025 were $2.33 and $0.76, respectively.
Revenue was $21.3 million ($19.2 million net of voyage expenses) for the first quarter of 2025, compared to $22.4 million ($21.6 million net of voyage expenses) for the same period in 2024. This decrease was attributable to the slight decrease in the ownership days following the sale of the vessel P. Yanbu in March 2025, and the decrease in time-charter equivalent rates (“TCE rates”) realized during the quarter. Fleetwide, the average TCE rate for the first quarter of 2025 was $30,843, compared with an average rate of $33,857 for the same period in 2024. During the first quarter of 2025, net cash provided by operating activities was $15.5 million, compared with net cash provided by operating activities of $17.3 million for the first quarter of 2024.

Commenting on the results of the first quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“Our solid financial results for the first quarter of 2025 demonstrate our ability to successfully navigate the market cycle capitalizing on our efficient vessel operations and balanced fleet deployment strategy. During the quarter, our exposure to the spot market upside through the operations of our two Aframax tanker vessels under voyage charters and pool arrangements along with the robust cash flow secured through the time charter contract arrangements of our remaining fleet, enabled us to achieve a fleetwide average time charter equivalent rate of $30,843 per day.

“Notwithstanding the significant softening observed in crude oil tanker charter rates over the past year, our Company generated revenue of $21.3 million during the first quarter of 2025. This figure compares favorably to the revenue of $22.4 million generated during the same period last year, underscoring our ability to deliver strong performance even in more challenging market conditions.

“In particular, the average Aframax tanker charter rate stood at $31,931 per day in the first quarter of 2025, that is significantly lower than the average daily rate of $56,338 recorded in the same period last year. Despite this decline, the Aframax tanker market remains resilient and constructive, supported by solid market fundamentals. As a result, during the current quarter spot rates for Aframax tankers averaged at approximately $40,700 per day, providing an attractive freight rate environment for our fleet operations.

“Pursuant to our fleet renewal and expansion strategy, focused on selective acquisitions and opportunistic sales of older vessels, we completed the sale of our 2011-built Aframax tanker, M/T P. Yanbu, during the first quarter of 2025. The transaction was concluded at a gross sale price of $39 million and resulted in a gain on vessel sale of $19.5 million. As a result, our Company reported net income attributable to common stockholders of $29.0 million for the quarter, representing a 164% increase on a year-over-year basis.

“At the same time, we remain focused on our newbuild program, which remains well-supported by our strategic long-term partnership with a top-tier charterer as well as the delivery financing secured for three of our newbuilding vessels. Our financial position remains robust, with a quarter-end cash balance (including restricted cash) of approximately $108.3 million, representing 2.4x our outstanding bank debt, and an aggregate revenue backlog of $220 million.”

Corporate Developments

Update on Outstanding Shares and Warrants

As of May 26, 2025, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date:

Class A Warrants to purchase up to 567,366 common shares at an exercise price of $15.75 per common share;
Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of $1.65 per common share;
Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of $1.65 per common share;
Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and
Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of $2.25 per common share.
Finally, the Company had 50,726 shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding.

Tanker Market Update for the First Quarter of 2025:

Tanker fleet supply was 698.0 million dwt, up 0.4% from 695.0 million dwt from the previous quarter and up 1.0% from Q1 2024 levels of 691.4 million dwt.
The tanker sector continues to exhibit healthy dynamics, with tonne-mile demand projected to grow by 0.4% in 2025. This growth comes against the backdrop of a constrained fleet supply, driven by a shrinking pool of environmentally compliant vessels. However, geopolitical challenges remain on the horizon, particularly the gradual easing of Red Sea-related trade flow shifts and the complexities that may arise from a potential tightening of U.S. sanctions on trade activities and charter rates.
Tanker fleet supply in deadweight terms is estimated to grow by 2.1% in 2025 and by 3.9% in 2026.
Tanker fleet utilization averaged 84.9% in 2024, while analysts expect that it will slightly improve to levels of 85.3% in 2025 and 84.8% in 2026.
Newbuilding tanker contracting was 3.6 million dwt in the first quarter, resulting in a tanker orderbook-to-fleet ratio of 14.7%.
Daily spot charter rates for Aframax tankers averaged $31,931, down 17.6% from the previous quarter average of $38,746 and down 43.3% from Q1 2024 average of $56,338.
The value of a 10-year-old Aframax tanker at the end of the first quarter was $50.0 million, down 3.9% from $52.0 million in the previous quarter, and down 13.8% from $58.0 million in Q1 2024.
The number of tankers used for floating storage (excluding dedicated storage) stood at 102 (11.2 million dwt) in the first quarter, up 15.4% from 74 (9.7 million dwt) at the end of the previous quarter and up 2.0% from 91 (10.9 million dwt) in Q1 2024.
Global oil consumption was 103.2 million bpd, down 0.07% from the previous quarter level of 103.2 million bpd, and up 1.5% from Q1 2024 levels of 101.7 million bpd.
Global oil production was 103.2 million bpd, down 0.08% from the previous quarter level of 103.3 million bpd and up 1.0% from Q1 2024 levels of 102.2 million bpd.
OECD commercial inventories were 2,719 million barrels, down 0.01% from the previous quarter level of 2,742 million barrels, and down 0.01% from Q1 2024 levels of 2,757 million barrels.
The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available.

Summary of Selected Financial & Other Data
(in thousands of US Dollars, except per share data, fleet data and average daily results) For the three months ended March 31,
2025 2024
(unaudited) (unaudited)
STATEMENT OF OPERATIONS DATA:
Revenue $ 21,333 $ 22,371
Voyage expenses 2,118 804
Vessel operating expenses 4,469 4,874
Net income 29,427 11,431
Net income attributable to common stockholders 28,970 10,972
Earnings per common share, basic 2.33 0.89
Earnings per common share, diluted 0.76 0.29
FLEET DATA
Average number of vessels 6.9 7.0
Number of vessels 6.0 7.0
Ownership days 623 637
Available days 623 637
Operating days (1) 608 624
Fleet utilization 97.6% 98.0%
AVERAGE DAILY RESULTS
Time charter equivalent (TCE) rate (2) $ 30,843 $ 33,857
Daily vessel operating expenses (3) $ 7,173 $ 7,651

___________________

(1) Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire. The specific calculation counts as on-hire the days of the ballast leg of the spot voyages, as long as a charter party is in place. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

(2) Time charter equivalent rates, or TCE rates, are defined as revenue (voyage, time charter and pool revenue), less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels despite changes in the mix of charter types (i.e., voyage (spot) charters, time charters and bareboat charters).

(3) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, lubricant costs, tonnage taxes, regulatory fees, environmental costs, lay-up expenses and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.


Fleet Employment Profile (As of May 26, 2025)
Performance Shipping Inc.’s fleet is employed as follows:

Vessel Year of Build Capacity Builder Vessel
Type Charter Type Notes
Operating Aframax Tanker Vessels
1 BLUE MOON 2011 104,623 DWT Sumitomo Heavy Industries Marine & Engineering Co., LTD. Crude Time-Charter
2 BRIOLETTE 2011 104,588 DWT Sumitomo Heavy Industries Marine & Engineering Co., LTD. Crude Time-Charter
3 P. SOPHIA 2009 105,071 DWT Hyundai Heavy Industries Co., LTD Crude Pool
4 P. ALIKI 2010 105,304 DWT Hyundai Heavy Industries Co., LTD Product Time-Charter
5 P. MONTEREY 2011 105,525 DWT Hyundai Heavy Industries Co., LTD Crude Time-Charter
6 P. LONG BEACH 2013 105,408 DWT Hyundai Heavy Industries Co., LTD Product Time-Charter
Newbuilding LR1 and LR2 Tanker Vessels
7 HULL 1515 - 114,000 DWT China Shipbuilding Trading Company Limited and Shanghai Waigaoqiao Shipbuilding Company Limited Product Time-Charter 1,2
8 HULL 1596 - 114,000 DWT China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. Product Time-Charter 1,2
9 HULL 1597 - 114,000 DWT China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. Product Time-Charter 1,2
10 HULL 1624 - 75,000 DWT Jiangsu Yangzijiang Shipbuilding Group Co., Ltd. Chemical/ Product - 2

1 As previously announced, the Company has secured five-year time charter contracts for three of its newbuilding vessels, with employment to commence upon delivery of the vessels to the Company.
2 Expected delivery dates to the Company, as per current management's estimations, are: August 2025 for Hull 1515, September 2025 for Hull 1596, January 2026 for Hull 1597, and January 2027 for Hull 1624.

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.

[gladeshawk]

Volume has been increasing. PPS starting to follow. Looks like volume will be about 4x normal today. $3 tender offer is still in effect. Maybe something is in the works. HAWK

[gladeshawk]

Recent add at $1.33. $3 tender offer still in effect??

[surfer44]

Performance Shipping Inc. Enters Into Potential Forward Sale Agreement for the 2009-Built Aframax Tanker, M/T P. Sophia
April 07 2025 - 9:38AM



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 entered into a forward sale and exclusivity agreement with an unaffiliated third party (the “Buyer”). This agreement grants the Buyer exclusive rights to submit a bid for the conversion of the Company’s Aframax tanker, M/T P. Sophia, in an auction for the provision of a Floating Production Storage and Offloading (FPSO) vessel for charter to a national oil company (the “Offshore Project”).

If the Buyer is awarded the Offshore Project by the expiration of the auction on April 5, 2026, the Buyer will purchase the Company's oldest vessel, the 2009-built M/T P. Sophia, for delivery within a maximum of 120 days for a gross sale price for a gross sale price of US$36,050,000. Additionally, if the vessel is delivered to the Buyer on or before September 30, 2025, the gross sale price will be increased by US$1,000,000. During the exclusivity period, the Company may freely operate the vessel but is restricted from selling it to any other party until the conclusion of the Offshore Project auction in April 2026.

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

“The Offshore Project pertains to the conversion of M/T P. Sophia into an FPSO and is unrelated to the prevailing level of tanker charter rates and vessel values. The decision to enter into this potential forward sale was based on the vessel’s particular specifications and suitability for the conversion. This agreement enables the Company to generate cashflow from operations for the foreseeable future while securing an eventual sale at a very firm price, solely contingent on the Buyer’s success at the auction and not comparable vessel values at the time.”

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.

[surfer44]

Way undervalued I believe.

[gladeshawk]

PPS should be at the tender offer of $3.00. I am speculating that there is some kind of deal in the works. Just a feeling on my part. Undervalued, imho. HAWK

[surfer44]

Performance Shipping Inc. Secures Sale and Leaseback Agreement for Third Newbuild LR2 Aframax Tanker
March 06 2025 - 9:27AM



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 entered into a sale and leaseback agreement with an unaffiliated third party for a previously announced newbuild LR2 Aframax tanker vessel (the “Vessel”). This concludes the financing for all three newbuilding LNG-ready, scrubber-fitted LR2 product/crude oil tanker vessels of approximately 114,000 dwt each expected to be delivered to the Company in August and September 2025, and January 2026.

The bareboat financing amount totals US$45 million. As part of this agreement, the Vessel will be sold and then chartered back to the Company on a bareboat basis for an eight-year period starting from delivery from the shipyard. The bareboat charter includes 96 monthly installments at a fixed rate of US$6,850 per day plus a variable rate calculated monthly at an implied interest rate of SOFR plus 2.05% per annum. Additionally, a balloon payment of approximately US$25 million will be due together with the last installment. The Company has continuous options to repurchase the Vessel at predetermined rates following the second anniversary of the bareboat charter.

As previously announced on March 12, 2024, all three newbuilding LR2 Aframax tankers have been chartered to Clearlake Shipping Pte Ltd. for a period of five years, upon delivery of the Vessel, at a rate of US$31,000 per day and an option to extend for a 6th and 7th year at a base rate plus profit sharing if declared at that time by the charterer.

Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“We have managed to secure attractive financing for all three newbuild LR2 Aframax tankers, well in advance of their respective delivery dates. The aggregate bareboat financing amount of US$134.6 million represents approximately 70% of the total shipbuilding contract cost of US$192.9 million, covering almost all of the US$138.4 million remaining installments due to the shipyard. The daily all in cashflow breakeven rate, including lease payments, is estimated at about US$25,000 per newbuild tanker, well below the US$31,000 daily charter rate secured for the first five years. We remain committed to a prudent gradual fleet renewal program that, upon delivery of all three newbuild LR2 Aframax tankers as of January 2026, will reduce the fleet average age from 14 to 10 years.”

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.

[gladeshawk]

Added this week in low $1.50s. I expect company to have a counter to this takeover move. TWT. HAWK

[surfer44]

SPHINX INVESTMENT CORP. ANNOUNCES EXTENSION OF TENDER OFFER TO PURCHASE ALL OUTSTANDING COMMON SHARES AND ASSOCIATED RIGHTS OF PERFORMANCE SHIPPING INC.



NEW YORK, Feb. 5, 2025 /PRNewswire/ -- Sphinx Investment Corp. (“Sphinx”) today announced that it has extended the expiration date of its previously announced offer to purchase all of the issued and outstanding common shares, par value $0.01 per share (the “Common Shares”), of Performance Shipping Inc. (“Performance”) (including the associated preferred stock purchase rights (the “Rights”, and together with the Common Shares, the “Shares”) for $3.00 per Share in cash, without interest, less any applicable withholding taxes (the “Offer”).



The expiration date of the Offer has been extended to 11:59 p.m., New York City time, on July 31, 2025.



Continental Stock Transfer & Trust Company, the tender offer agent for the Offer, has advised Sphinx that as of 5:00 p.m., New York City time, on February 4, 2025, the last business day prior to the announcement of the extension of the Offer, 1,695,424 Shares had been validly tendered into the Offer and not validly withdrawn.

[gladeshawk]

Getting ready to add. Trump tariffs scarring the markets will provide deals, no doubt. I will put bids in below market price. Might see some panic selling in the next two weeks or so. I was told full moon this month will see the bottom of current selloff. TWT. HAWK

[€LL-$G7$]

This POS still sitting and always will be in the gutter. Only ppl making money is the family dummies 

[surfer44]

Performance Shipping Inc. Extends Time Charter for M/T P. Monterey at US$28,000 Per Day for Twelve Months
January 22 2025 - 9:27AM


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 extended the time charter contract with ST Shipping & Transport Pte Ltd., a wholly-owned subsidiary of Glencore (“ST” or the “Charterer”), for the 2011-built, 105,525 dwt Aframax tanker vessel, M/T P. Monterey. The gross charter rate will be US$28,000 per day for a period of twelve months +/- 30 days at the option of the Charterer. This charter commenced in mid-January and will generate approximately US$9.38 million of gross revenue for the minimum duration of the charter.

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

“We are pleased to announce the direct continuation of the previous time charter contract with ST, a testament to our strong, long-standing partnerships and repeat business with reputable and creditworthy counterparties. This charter also increases our current secured revenue backlog to approximately US$62 million, or US$232 million when including the 5-year contracts for our three Aframax LR2 newbuildings. Our fleet deployment now consists of six vessels operating under time charter arrangements and one vessel trading in the spot market through pool participation. Looking ahead, we remain constructive on the tanker market as we expect the redelivery of two more vessels from their period charters in the coming months.”

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.

[surfer44]

You're welcome

*If a knowledgeable shipping guy wants the stock - so do I!

[gladeshawk]

Undervalued. I added in the $1.80s. PPS should be much higher. Thanks for all your efforts and TIA for any new info. HAWK

[surfer44]

Performance Shipping Inc. Secures 21-Month Time Charter Contract at US$28,000 Per Day for Aframax Tanker, M/T Blue Moon
December 18 2024 - 9:27AM

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 entered into a time charter contract with American Eagle Tankers (“AET” or the “Charterer”), a member of MISC Group, for the 2011-built, 104,623 dwt Aframax tanker vessel, M/T Blue Moon. The gross charter rate will be US$28,000 per day for a period of twenty-one (21) months +/- 15 days at the option of the Charterer and is expected to commence at the beginning of January. This charter will generate approximately US$17.4 million of gross revenue for the minimum duration of the charter.

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

“We are extremely pleased to initiate a new collaboration with AET, a leading global tanker operator, which further underscores the confidence charterers place in us. With this charter, our secured revenue backlog stands at approximately US$59.4 million, based on the minimum duration of each charter for the operating vessels, and US$169.8 million for the three new buildings. By securing this charter, we strengthen our ability to safely navigate through the challenges of a volatile market while reinforcing our commitment to long-term value creation.”

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.

[surfer44]

You're welcome.

[gladeshawk]

Good stuff surf. Thanks. HAWK

[surfer44]

Performance Shipping Inc. Highlights Company’s Platform for Growth and Shareholder Value Creation
November 19 2024 - 9:29AM


Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has mailed proxy materials to shareholders in connection with its upcoming 2024 Annual General Meeting of Shareholders (the “Annual Meeting”), scheduled to be held on December 17, 2024. Shareholders of record as of the close of business on November 8, 2024, are entitled to vote at the Annual Meeting.

The Company also mailed a letter to shareholders highlighting the Company’s growth strategy and the commitment of its highly-qualified Board of Directors to create value for all shareholders.

Highlights from the letter include:

The Company’s foundation for continued growth and value creation built on its unique pure-play Aframax tanker fleet, its simplified and transparent ownership structure and its significant management expertise.

Performance’s execution of its focused strategy includes growing its fleet, leveraging strong relationships to secure commercial deployments at attractive rates, increasing sustainability and maintaining a strong financial position.

The Company’s highly qualified and actively engaged board, the majority of whom are independent, is committed to acting in the best interests of the Company and all shareholders.

The Board’s recommendation that shareholders reject George Economou’s goal of taking over the Company.

The Board of Directors unanimously recommends that shareholders vote on the WHITE proxy card “FOR” Performance Shipping’s nominees and “AGAINST” the proposals made by Economou.

The full text of the letter follows:

Dear Performance Shipping Shareholders,

We are reaching out to you directly because we want your vote “FOR” our director nominee at our upcoming Annual Meeting of Shareholders.

This is an important time for Performance Shipping. The actions we have taken to reposition our pure-play tanker fleet and our commercial deployment strategy are working. We are capitalizing on opportunities in a solid market environment and are generating strong cash flows, increased revenues and profitability for the Company.

Our strong commercial relationships and our ability to redeploy our vessels at attractive charter rates have us poised to continue our strong performance in the near term. In addition, our strong balance sheet, newbuild program and close relationships with international shipping leaders have Performance well-positioned for long-term shareholder value creation.

This year, George Economou launched a multi-pronged campaign to take over the Company. Economou is a competitor to Performance with a widely-known record of poor corporate governance, self-dealing and shareholder value destruction at companies he has controlled. As part of his takeover efforts, he is pursuing a proxy fight in connection with our Annual Meeting that – if successful – could ultimately give him effective control of Performance.

We believe Performance has significant upside potential. Don’t let Economou take it from you. Our shareholders can participate in Performance’s value creation by voting FOR our director nominee and against Economou’s proposals on the WHITE proxy card.

Building A Platform for Growth and Value Creation

Over the last several years, our Board and management team have taken deliberate steps to differentiate Performance and position the business to capture opportunities in a volatile market. Today, the Company has a solid foundation for continued growth and value creation built on:

A Unique Pure-Play Tanker Fleet: Since 2020, we have been the only publicly listed pure-play Aframax tanker fleet. Our versatile fleet of seven mid-point age and well-maintained vessels allows us to offer charterers commercially attractive features, including high cargo-carrying capacity and competitive fuel efficiency. We are capitalizing on the tanker market’s recovery while maintaining strong operational trading flexibility among crude oil segments.

A Simplified and Transparent Corporate Structure: We own, directly or indirectly, every vessel in our fleet. We perform all commercial and technical management in-house through Unitized Ocean Transport Limited (UOT), our wholly-owned subsidiary that allows us to maintain highly efficient operations with low vessel operating expenses. This streamlined structure has supported our reputation as a cost-efficient and reliable operator, which is further reinforced by the strength of our teams and the quality and maintenance standards of our fleet.
Significant Management Expertise: We have refreshed our senior management team with highly qualified leaders who bring extensive public company and vessel operations experience. Our executive, commercial and technical management teams draw on established relationships with charterers and other industry participants, which bolster our position as a sought-after business partner and provide access to attractive acquisition opportunities.

Leveraging these strengths, we are executing a focused strategy that is delivering results:

Growing our Fleet of Modern, High Specification Tanker Vessels: We are committed to opportunistically expanding and renewing our fleet over time to increase our market presence and enhance our value proposition to charterers and other customers.

Leveraging Strong Relationships to Secure Commercial Deployments at Attractive Rates: We have a diverse customer base across both western and eastern geographical basins. Our fleet operates primarily under time charter contracts and through pool arrangements that enhance our spot market exposure and enable us to achieve economies of scale and obtain increased cargo, better flow of information and greater vessel utilization.

Increasing Sustainability: We take seriously our role as responsible corporate citizens and are dedicated to continuous improvement as we execute and expand our sustainability initiatives. These efforts include strategies to reduce greenhouse gas emissions, enhance energy efficiency, and responsibly manage resources. We operate in compliance with international environmental regulations and will continue to seek opportunities to further integrate sustainability across our operations.

Maintaining a Strong Financial Position: We are prudent in our approach to capital allocation, including investing in our fleet and reducing our debt. We maintain a net loan to value ratio of approximately -6% and when necessary, we support our disciplined growth strategy by raising capital on the equity markets. Additionally, we maintain cash reserves for fleet replacement and maintenance, and have a secured revenue backlog of $216 million as of the beginning of the fourth quarter 2024. Our low debt levels, strong operating efficiency and cost management enable us to maintain a low daily cash break-even rate of $16,039, positioning us for profitability even when our markets fluctuate. This financial stability allows for potential growth opportunities and reflects our robust strategic planning.

Looking ahead, we have a strong pipeline and anticipate that we will be able to redeploy our vessels at attractive charter rates during the usually strong fall and winter seasons.

In short, we have built a strong foundation and our strategy is working. A vote on the WHITE proxy card FOR our nominee and against Economou’s proposals is a vote for us to continue our momentum.

Vote FOR our Highly Qualified Board Today

Our Board of Directors comprises five highly qualified and actively engaged directors, the majority of whom are independent. Our directors bring shipping, finance and business experience that is relevant to Performance and instrumental in guiding the Company’s strategy forward.

In light of our size and to ensure shareholders have the opportunity to realize the full upside potential of their investments in our Company, we established our corporate structure with a classified Board in part to protect against investors – such as Economou – whose interests may not align with those of our shareholders and who may take opportunistic, abusive, and self-interested actions which could harm our shareholders.

This year, Aliki Paliou, the current Chairperson of Performance Shipping’s Board, stands for re-election. Notably, Paliou is our largest shareholder, which serves to align her interests with those of all shareholders and promotes strategic continuity. She brings nearly a decade of experience serving on Boards and management teams of companies in the shipping industry, and her oversight of the Company’s execution has been instrumental in helping shape Performance Shipping’s strategic direction.

Our Board and management team regularly review our governance structure, strategic plans, performance and capital allocation priorities to ensure the Company is well-positioned to capture market opportunities and create shareholder value.

Protect Your Investment: Reject Economou’s Takeover Campaign

While we believe the actions we are taking will create substantial value for our shareholders, we are concerned about the actions of George Economou and the risk that his takeover campaign poses for Performance shareholders.

For context, Economou has a long and well-documented record of poor corporate governance and self-dealing at companies he has controlled, all to his benefit and at the expense of all other shareholders. There are many examples to point to, but the most relevant given his nominee at Performance are DryShips and Ocean Rig. Economou took controlling positions at these companiesi and installed hand-picked directors who helped him execute related-party transactions with Economou-controlled affiliatesii, conduct dilutive equity offerings that destroyed shareholder valueiii and got him paid lucrative management fees.iv

In addition, Economou’s campaign at Performance is one of several situations where he has pursued coercive tactics against a company in our industry. At Gencov and Seanergyvi he launched unsuccessful proxy fights to gain board seats and at OceanPal he received a $6.75 million “greenmail” payment that was equal to a substantial portion of the company’s market capitalization.vii While each situation was unique, the story was the same: Economou tried to take control or influence the company for his own benefit.

At Performance, we believe that Economou is seeking to take control so he can realize the Company’s upside potential at the expense of all other shareholders. Here are the key things you should know about Economou’s takeover objectives at Performance:

The proxy fight is one of several tactics he is using in his takeover campaign, which includes a tender offer and multiple rounds of litigation against the Company. Our Board established a committee of independent directors who evaluated the tender offer and determined that it undervalues the Company and is not in the best interest of all shareholders. The Company is also defending against Economou’s litigation, which is intended to dismantle our capital structure. Economou’s first attempt at litigation was thrown out of court in New York, and we are now litigating in the Marshall Islands. We intend to address the ongoing litigation appropriately.

Economou’s nominee has limited expertise and experience in our industry and as a public company director, all of which is inextricably tied to Economou and carries a record of shareholder value destruction. Economou has nominated John Liveris to serve on our Board. Our Board formed a Special Committee of independent directors to review and consider nominations for our upcoming annual meeting, including Economou’s nominee, which determined that Liveris brings no discernable skills or capabilities that would be additive to the Board’s already strong existing balance of attributes and experience.

Liveris served on the Boards of Ocean Rig and Ocean Freight, where he and Economou presided over the destruction of significant shareholder value during their tenures, in part by approving numerous related-party transactions that enriched Economou at the expense of those companies and their other shareholders. Liveris was on the Board when Ocean Rig ultimately filed for bankruptcyviii, which resulted in total value destruction for all public shareholders, while Economou walked away with equity in the reorganized companyix and a lucrative agreement that paid millions of dollars in annual fees to an Economou-controlled entity.x

Implementing Economou’s non-binding advisory proposals and electing Economou’s nominee would give Economou effective control of the Board and the Company. Despite seeking effective control of the Company, Economou has not provided any actionable suggestions to create value for Performance Shipping shareholders.

Our Board recommends shareholders reject Economou’s nominee and advisory proposals, which if elected and implemented, respectively, would result in replacing the entire Board with Liveris and his appointees.

The Special Committee strongly urges Performance shareholders to reject Economou’s takeover objectives by voting FOR Performance’s nominee and against Economou’s proposals on the WHITE proxy card.

Realize the Potential of your Performance Investment by Voting “FOR” Performance’s Nominee Today

We are optimistic about the future of Performance Shipping. The actions our Board and management team have taken over the last several years have us performing well and delivering solid results in today’s market. We are confident we are poised for continued value creation building on our:

Modern and growing fleet of tankers that provides flexibility across crude oil segments;

Established commercial relationships with global top-tier charterers;

Strategic approach to deployment across short- to medium- term charters and pool arrangements;

Strong financial position and our prudent approach to capital allocation;

Experience and talent of our management team and the commercial and technical capabilities of our leadership and crews; and our
Highly qualified, active and engaged Board of Directors.

We are also confident that our shareholders will benefit as we build on that foundation and execute our clear strategic plans. Your vote “FOR” Performance Shipping will ensure we remain on this path to success.

Thank you for your support.

Sincerely,

The Special Committee of the Board of Directors

Your Vote is Important

We urge you to vote “FOR” Performance Shipping’s highly qualified director nominee, Aliki Paliou, and “AGAINST” Economou’s proposals on the WHITE proxy card TODAY.

Please follow the instructions on your proxy card or voting instruction form and vote by 11:59 PM Eastern Time on December 16, 2024.

If you have any questions or require any assistance with voting your shares, please contact our proxy solicitor, Mackenzie Partners, at

North America Toll-Free: 1-800-322-2885 or

Outside North America: 800-000-0260

or by email at [e-mail].

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.

[gladeshawk]

Not sure. Check with your broker. I am adding on the drops. Stock is undervalued, imho. HAWK

[sindocopt]

Do you know if they can cancel the offer?

[gladeshawk]

It is, but you lock up your shares. Also, they keep moving the date out further with your shares locked. Offer is way too low, imho. HAWK

[sindocopt]

Can someone explain to me why this tender offer isn't free money? if I can sell my shares guaranteed for $3 in February why hasn't everyone loaded up to the point the share price is 3$ or higher?

[chemist72]

My tender offer expired Sept. 17, 2024.

Had no problem with Fidelity having my tender offer expire and shares placed back in my regular account.
https://www.prnewswire.com/news-releases/sphinx-investment-corp-announces-extension-of-tender-offer-to-purchase-all-outstanding-common-shares-and-associated-rights-of-performance-shipping-inc-302249665.html

[€LL-$G7$]

These guys dumping shares again.. me thinks

[€LL-$G7$]

This stinky shipping company still swapping shares back and forth. George's offer is a joke just dangling carrots. Back tob52 wk low next week

[gladeshawk]

Getting close to testing the 52 week low..

[gladeshawk]

Happened to me with PlasmaTherm buyout. PTIS. But the shares were bought fairly quickly. Not like the delays we are seeing now. HAWK

[inv justice]

Unfortunately i have heard the same.

[MrMo]

I participated in the initial tender offer in November 2023. Because the tender offer is extended every time, I asked my broker in Europe, Saxo, to release my shares because I no longer want to participate in the tender offer. Unfortunately, my broker does not want to cooperate with this and refuses to release the name of the custodian. The reason I am told is that I am obliged to participate in the extensions. What are your experiences/opinions?

[surfer44]

I haven't checked if PSHG has a poison pill to stop a takeover.

[gladeshawk]

I wonder if it's a setup for a merger or reverse takeover. Makes no sense to me at this point. I am with you on pps offer. Way too low. HAWK

[surfer44]

No news from Mgmt. And no idea of the buyers game plan.

[gladeshawk]

Surf, any speculation on what their game plan is for this take over? They can keep extending the offer continually. Any news from PSHG mgmt.? I cannot find anything. As always, thanks for your input. HAWK

[surfer44]

“On September 17, 2024, the Offeror announced that it has extended the Expiration Date and Time to 11:59 p.m., New York City time, on February 18, 2025. The Offer was previously scheduled to expire at 11:59 p.m., New York City time, on September 17, 2024. The Tender Offer Agent has advised the Offeror that as of 5:00 p.m., New York City time, on September 16, 2024, the last full trading day prior to the announcement of the extension of the Offer, 1,719,753 Shares had been validly tendered into the Offer and not validly withdrawn. The press release announcing the extension of the Offer is attached hereto as Exhibit (a)(1)(S) and is incorporated herein by reference.”

Form SC TO-T/A - Tender offer statement by Third Party: [Amend]
September 17 2024 - 11:42AM
Edgar (US Regulatory)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE TO

(RULE 14d-100)

Tender Offer Statement under Section 14(d)(1) or 13(e)(1)

of the Securities Exchange Act of 1934

(Amendment No. 8)

Performance Shipping Inc.

(Name of Subject Company (Issuer))

Sphinx Investment Corp.

(Offeror)

Maryport Navigation Corp.

(Parent of Offeror)

George Economou

(Affiliate of Offeror)

(Names of Filing Persons)

Common shares, $0.01 par value

(including the associated Preferred stock purchase rights)

(Title of Class of Securities)

Y67305154

(CUSIP Number of Class of Securities)

Kleanthis Spathias

c/o Levante Services Limited

Leoforos Evagorou 31, 2nd Floor, Office 21

1066 Nicosia, Cyprus

[phone]

(Name, address and telephone number of person authorized to receive notices and communications on behalf of filing persons)

With a copy to:

Richard M. Brand

Kiran S. Kadekar

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, NY 10281

[phone]

¨ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

x third-party tender offer subject to Rule 14d-1.

¨ issuer tender offer subject to Rule 13e-4.

¨ going-private transaction subject to Rule 13e-3.

x amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ¨

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

¨ Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

¨ Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)


As permitted by General Instruction G to Schedule TO, this Schedule TO is also Amendment No. 13 to the Schedule 13D filed by Sphinx Investment Corp. (the “Offeror”), Maryport Navigation Corp. and Mr. George Economou on August 25, 2023 (and amended on August 31, 2023, September 5, 2023 and September 15, 2023, further amended twice on each of October 11, 2023 and October 30, 2023, and further amended on November 15, 2023, December 5, 2023, March 26, 2024, June 27, 2024 and August 15, 2024) in respect of the Common Shares of the Company.

CUSIP No. Y67305154
1.
Names of Reporting Persons

Sphinx Investment Corp.

2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ¨
(b) x

3. SEC Use Only

4.
Source of Funds (See Instructions)

WC

5. Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

6.
Citizenship or Place of Organization

Republic of the Marshall Islands

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person With

7.
Sole Voting Power

0

8.
Shared Voting Power

1,033,859*

9.
Sole Dispositive Power

0

10.
Shared Dispositive Power

1,033,859*

11.
Aggregate Amount Beneficially Owned by Each Reporting Person

1,033,859*

12. Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
13.
Percent of Class Represented by Amount in Row (11)

8.3%**

14.
Type of Reporting Person (See Instructions)

CO

* All reported Common Shares are held by Sphinx Investment Corp. Sphinx Investment Corp. is a wholly-owned subsidiary of Maryport Navigation Corp., which is a Liberian company controlled by Mr. Economou.

** Based on the 12,432,158 Common Shares stated by the Issuer as being outstanding as at July 24, 2024 in Exhibit 99.2 to Form 6-K filed with the United States Securities and Exchange Commission (the “SEC”) on July 25, 2024 (the “Form 6-K”).

CUSIP No. Y67305154
1.
Names of Reporting Persons

Maryport Navigation Corp.

2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ¨
(b) x

3. SEC Use Only

4.
Source of Funds (See Instructions)

AF

5. Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) o

6.
Citizenship or Place of Organization

Liberia

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person With

7.
Sole Voting Power

0

8.
Shared Voting Power

1,033,859*

9.
Sole Dispositive Power

0

10.
Shared Dispositive Power

1,033,859*

11.
Aggregate Amount Beneficially Owned by Each Reporting Person

1,033,859*

12. Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
13.
Percent of Class Represented by Amount in Row (11)

8.3%**

14.
Type of Reporting Person (See Instructions)

CO

* All reported Common Shares are held by Sphinx Investment Corp. Sphinx Investment Corp. is a wholly-owned subsidiary of Maryport Navigation Corp., which is a Liberian company controlled by Mr. Economou.

** Based on the 12,432,158 Common Shares stated by the Issuer as being outstanding as at July 24, 2024 in its Form 6-K.

CUSIP No. Y67305154
1.
Names of Reporting Persons

George Economou

2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) o
(b) x

3. SEC Use Only

4.
Source of Funds (See Instructions)

AF

5. Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨

6.
Citizenship or Place of Organization

Greece

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person With

7.
Sole Voting Power

0

8.
Shared Voting Power

1,033,859*

9.
Sole Dispositive Power

0

10.
Shared Dispositive Power

1,033,859*

11.
Aggregate Amount Beneficially Owned by Each Reporting Person

1,033,859*

12. Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
13.
Percent of Class Represented by Amount in Row (11)

8.3%**

14.
Type of Reporting Person (See Instructions)

IN


* All reported Common Shares are held by Sphinx Investment Corp. Sphinx Investment Corp. is a wholly-owned subsidiary of Maryport Navigation Corp., which is a Liberian company controlled by Mr. Economou.

** Based on the 12,432,158 Common Shares stated by the Issuer as being outstanding as at July 24, 2024 in its Form 6-K.

This Amendment No. 8 (this “Amendment No. 8”) is filed by the Offeror (as defined below), Maryport (as defined below) and Mr. George Economou and amends and supplements the Tender Offer Statement on Schedule TO originally filed with the Securities and Exchange Commission (the “SEC”) on October 11, 2023 and amended and supplemented pursuant to Amendment No. 1 and Amendment No. 2, each of which was filed with the SEC on October 30, 2023, Amendment No. 3 which was filed with the SEC on November 15, 2023, Amendment No. 4 which was filed with the SEC on December 5, 2023, Amendment No. 5 which was filed with the SEC on March 26, 2024, Amendment No. 6 which was filed with the SEC on June 27, 2024, and Amendment No. 7 which was filed with the SEC on August 15, 2024 (such original Tender Offer Statement on Schedule TO as so amended and supplemented (including any exhibits and annexes attached thereto), the “Original Schedule TO”), and as hereby amended and supplemented (including by the exhibits and annexes hereto), together with any subsequent amendments and supplements thereto, this “Schedule TO”) by Sphinx Investment Corp., a corporation organized under the laws of the Republic of the Marshall Islands (the “Offeror”), Maryport Navigation Corp., a corporation organized under the laws of the Republic of Liberia that is the direct parent of the Offeror (“Maryport”), and Mr. George Economou, who directly owns Maryport and controls each of the Offeror and Maryport. This Schedule TO relates to the tender offer by the Offeror to purchase all of the issued and outstanding common shares, par value $0.01 per share (the “Common Shares”), of Performance Shipping Inc., a corporation organized under the laws of the Republic of the Marshall Islands (the “Company”) (including the associated preferred stock purchase rights (the “Rights”, and together with the Common Shares, the “Shares”) issued pursuant to the Stockholders’ Rights Agreement, dated as of December 20, 2021, between the Company and Computershare Inc. as Rights Agent (as it may be amended from time to time)), for $3.00 per Share in cash, without interest, less any applicable withholding taxes, upon the terms and subject to the conditions set forth in (a) the Amended and Restated Offer to Purchase, dated October 30, 2023, a copy of which is attached to the Schedule TO as Exhibit (a)(1)(G), as amended and supplemented by the Supplement to the Amended and Restated Offer to Purchase dated December 5, 2023, a copy of which is attached to the Schedule TO as Exhibit (a)(1)(O) (the “Offer to Purchase”), (b) the related revised Letter of Transmittal, a copy of which is attached to the Schedule TO as Exhibit (a)(1)(H) (the “Letter of Transmittal”), and (c) the related revised Notice of Guaranteed Delivery, a copy of which is attached to the Schedule TO as Exhibit (a)(1)(I) (the “Notice of Guaranteed Delivery”) (which three documents, including any amendments or supplements thereto, collectively constitute the “Offer”).

As permitted by General Instruction G to Schedule TO, this Schedule TO is also Amendment No. 13 to the Schedule 13D filed by the Offeror, Maryport and Mr. Economou on August 25, 2023 (and amended on August 31, 2023, September 5, 2023 and September 15, 2023, further amended twice on each of October 11, 2023 and October 30, 2023, and further amended on November 15, 2023, December 5, 2023, March 26, 2024, June 27, 2024, and August 15, 2024) in respect of the Common Shares.

This Amendment No. 8 is being filed to amend and supplement the Schedule TO. Except as amended hereby to the extent specifically provided herein, all terms of the Offer and all other disclosures set forth in the Schedule TO and the Exhibits thereto remain unchanged and are hereby expressly incorporated into this Amendment No. 8 by reference. Capitalized terms used and not otherwise defined in this Amendment No. 8 shall have the meanings assigned to such terms in the Schedule TO and the Offer to Purchase.

Items 1 through 9 and Item 11

1. The Offer to Purchase and Items 1 through 9 and Item 11 of the Schedule TO are hereby amended and supplemented by adding the following paragraph thereto:

“On September 17, 2024, the Offeror announced that it has extended the Expiration Date and Time to 11:59 p.m., New York City time, on February 18, 2025. The Offer was previously scheduled to expire at 11:59 p.m., New York City time, on September 17, 2024. The Tender Offer Agent has advised the Offeror that as of 5:00 p.m., New York City time, on September 16, 2024, the last full trading day prior to the announcement of the extension of the Offer, 1,719,753 Shares had been validly tendered into the Offer and not validly withdrawn. The press release announcing the extension of the Offer is attached hereto as Exhibit (a)(1)(S) and is incorporated herein by reference.”

2. The Offer to Purchase and Items 1 through 9 and Item 11 of the Schedule TO are hereby amended and supplemented as set forth below:

All references to “11:59 p.m., New York City time, on September 17, 2024” set forth in the Amended and Restated Offer to Purchase (Exhibit (a)(1)(G)), Supplement to Amended and Restated Offer to Purchase dated December 5, 2023 (Exhibit (a)(1)(O)), Form of revised Letter of Transmittal (Exhibit (a)(1)(H)), Form of revised Notice of Guaranteed Delivery (Exhibit (a)(1)(I)), Form of revised Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (Exhibit (a)(1)(J)) and Form of revised Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (Exhibit (a)(1)(K)) shall be replaced with “11:59 p.m., New York City time, on February 18, 2025”.

Item 12. Exhibits.

Item 12 of the Schedule TO is hereby amended and supplemented by adding the following text thereto:

Exhibit Description

(a)(1)(S) Press Release issued by Sphinx Investment Corp. on September 17, 2024 (filed herewith).

SIGNATURES

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: September 17, 2024

SPHINX INVESTMENT CORP.

By: Levante Services Limited

By: /s/ Kleanthis Costa Spathias
Kleanthis Costa Spathias
Director

MARYPORT NAVIGATION CORP.

By: Levante Services Limited

By: /s/ Kleanthis Costa Spathias
Kleanthis Costa Spathias
Director

George Economou

/s/ George Economou
George Economou

EXHIBIT INDEX



Exhibit Description

(a)(1)(A) Offer to Purchase*

(a)(1)(B) Form of Letter of Transmittal*

(a)(1)(C) Form of Notice of Guaranteed Delivery*

(a)(1)(D) Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*

(a)(1)(E) Form of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*

(a)(1)(F) Form of Summary Advertisement as published in the New York Times on October 11, 2023 *

(a)(1)(G) Amended and Restated Offer to Purchase*

(a)(1)(H) Form of revised Letter of Transmittal*

(a)(1)(I) Form of revised Notice of Guaranteed Delivery*

(a)(1)(J) Form of revised Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*

(a)(1)(K) Form of revised Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*

(a)(1)(L) Complaint filed by Sphinx Investment Corp. in the Supreme Court of the State of New York located in the County of New York*

(a)(1)(M) Press Release issued by Sphinx Investment Corp. on October 30, 2023*

(a)(1)(N) Press Release issued by Sphinx Investment Corp. on November 15, 2023*

(a)(1)(O) Supplement to Amended and Restated Offer to Purchase dated December 5, 2023*

(a)(1)(P) Press Release issued by Sphinx Investment Corp. on March 26, 2024*

(a)(1)(Q) Press Release issued by Sphinx Investment Corp. on June 27, 2024*

(a)(1)(R) Complaint filed by Sphinx Investment Corp. in the High Court of the Republic of the Marshall Islands on August 13, 2024 (and stamped by such Court as received on August 15, 2024)*

(a)(1)(S) Press Release issued by Sphinx Investment Corp. on September 17, 2024**

(b) Not applicable.

(d) Not applicable.

(g) Not applicable.

(h) Not applicable.

107 Filing Fee Table*


* Previously filed

** Filed herewith











Exhibit (a)(1)(S)



SPHINX INVESTMENT CORP. ANNOUNCES EXTENSION OF TENDER OFFER TO PURCHASE ALL OUTSTANDING COMMON SHARES AND ASSOCIATED RIGHTS OF PERFORMANCE SHIPPING INC.



NEW YORK, Sept. 17, 2024 /PRNewswire/ -- Sphinx Investment Corp. (“Sphinx”) today announced that it has extended the expiration date of its previously announced offer to purchase all of the issued and outstanding common shares, par value $0.01 per share (the “Common Shares”), of Performance Shipping Inc. (“Performance”) (including the associated preferred stock purchase rights (the “Rights”, and together with the Common Shares, the “Shares”) for $3.00 per Share in cash, without interest, less any applicable withholding taxes (the “Offer”).



The expiration date of the Offer has been extended to 11:59 p.m., New York City time, on February 18, 2025.



Continental Stock Transfer & Trust Company, the tender offer agent for the Offer, has advised Sphinx that as of 5:00 p.m., New York City time, on September 16, 2024, the last business day prior to the announcement of the extension of the Offer, 1,719,753 Shares had been validly tendered into the Offer and not validly withdrawn.



The Offer is being made pursuant to the terms and conditions described in the Amended and Restated Offer to Purchase dated October 30, 2023, as amended and supplemented by the Supplement to the Amended and Restated Offer to Purchase dated December 5, 2023, and as may be further amended from time to time (collectively, the “Offer to Purchase”), the related revised Letter of Transmittal (the "Letter of Transmittal"), the related revised Notice of Guaranteed Delivery (the “Notice of Guaranteed Delivery”), and certain other Offer documents, copies of which are attached to the Tender Offer Statement on Schedule TO originally filed by Sphinx, Maryport Navigation Corp. and Mr. George Economou with the United States Securities and Exchange Commission (the “SEC”) on October 11, 2023, as amended and as may be further amended from time to time. Consummation of the Offer continues to be subject to satisfaction or waiver of all of the conditions referred to in Section 14 — "Conditions of the Offer" of the Offer to Purchase.



The Information Agent for the Offer is Innisfree M&A Incorporated. The Offer materials may be obtained at no charge by calling Innisfree toll free at [phone], and may also be obtained at no charge at the website maintained by the SEC at www.sec.gov.



Additional Information about the Offer and Where to Find It



The tender offer referenced herein commenced on October 11, 2023. This press release is neither an offer to purchase nor a solicitation of an offer to sell any Shares or any other securities, nor is it a substitute for the tender offer materials attached to the Tender Offer Statement on Schedule TO filed by Sphinx, Maryport Navigation Corp. and Mr. George Economou with the SEC on Schedule TO on October 11, 2023 and amended pursuant to Amendment No. 1 and Amendment No. 2 thereto on October 30, 2023, Amendment No. 3 thereto on November 15, 2023, Amendment No. 4 thereto on December 5, 2023, Amendment No. 5 thereto on March 26, 2024, Amendment No. 6 thereto on June 27, 2024, and Amendment No. 7 thereto on August 15, 2024 (including the Offer to Purchase, the Letter of Transmittal and the Notice of Guaranteed Delivery) (the “Tender Offer Materials”). A solicitation and offer to purchase outstanding Shares is only being made pursuant to the Tender Offer Materials. Performance filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the Offer with the SEC on October 25, 2023, and amended the same by Amendment No. 1 thereto filed by Performance with the SEC on November 6, 2023, Amendment No. 2 thereto filed by Performance with the SEC on November 14, 2023, Amendment No. 3 thereto filed by Performance with the SEC on November 15, 2023, Amendment No. 4 thereto filed by Performance with the SEC on November 30, 2023, and Amendment No. 5 thereto filed by Performance with the SEC on December 20, 2023 (the “Solicitation/Recommendation Statement”). INVESTORS AND PERFORMANCE SHAREHOLDERS ARE STRONGLY ADVISED TO READ THE TENDER OFFER MATERIALS (INCLUDING THE OFFER to Purchase, the Letter of Transmittal and the Notice of Guaranteed Delivery) AND THE SOLICITATION/RECOMMENDATION STATEMENT, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT SHOULD BE CONSIDERED BY INVESTORS AND Performance shareholders BEFORE MAKING ANY DECISION WITH RESPECT TO THE OFFER. The Tender Offer Materials may be obtained at no charge at the website maintained by the Securities and Exchange Commission at www.sec.gov.



Important Cautions Regarding Forward-Looking Statements



Certain statements contained in this press release are forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. These statements, which sometimes use words such as "anticipate," "believe," "intend," "estimate," "expect," "project," "strategy," "opportunity," "future," "plan," "will likely result," "will," "shall," "may," "aim," "predict," "should," "would," "continue," and words of similar meaning and/or other similar expressions that are predictions of or indicate future events and/or future trends, reflect the beliefs and expectations of the applicable of the Offeror, Maryport and Mr. George Economou at the date of this press release and involve a number of risks, uncertainties and assumptions that could cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statement.









About Sphinx:



Sphinx Investment Corp. is a corporation organized under the laws of the Republic of the Marshall Islands. The principal business of the Sphinx is the making of investments in securities. Sphinx is controlled by Mr. George Economou.



Media Contact:

Innisfree M&A Incorporated

Jonathan Kovacs / Arthur Crozier / Scott Winter

[e-mail]; [e-mail]; [e-mail]

212-750-5833



SOURCE Sphinx Investment Corp

[surfer44]

No news. Current price 1.85 Book Value 20.43 - MAJOR DISCREPANCY.

I'm not selling. No way. That offer was made for traders not investors. imo

[gladeshawk]

Offer expires today. Any news? IMO the offer is way too low. Any thoughts appreciated. TIA. HAWK

[€LL-$G7$]

I see company still trading for bubble gum money. Volume is a joke.

[gladeshawk]

Buying comes in at the low $1.90s. Bought some today. HAWK

[gladeshawk]

Agreed. Way too low.

[ErnieBilco]

The offer has been on the table for at least 6 months now so they will need to raise the price, $3 is not high enough for a buyout.

[surfer44]

Tender Offer Terms PERFORMANCE SHIPPING I FTENDER OFFER EXP: 09/17/24

Since you hold ### share(s) of PERFORMANCE SHIPPING I F in your account, you may choose how your holdings will be treated for this Tender Offer. We must receive your response by September 16, 2024, 7:00 p.m. ET.You hold ### share(s) in this account.

What Has Occurred

We're writing to let you know about a further extended offer related to these securities.

Your securities:

·Performance Shipping Inc. common shares referenced above

¨Together with any associated rights and remedial rights

Offer type:

·Tender offer

Who is the offeror:

·Sphinx Investment Corp.

What is being offered:

·Cash at a price of $3.00 per security

·Please refer to the offering materials for additional details.

Options:

·Tender: Tender all or a portion of your securities.

·Decline: If you do not wish to participate, no further action is required.

¨Please note: If you instruct to "Decline" the offer, you will not receive reminders for this specific offer. If you do not make any selection, you will receive reminders, if applicable, up until the Schwab cutoff date.

Additional information related to this offer:

·The offeror may have the ability to acquire the remaining securities and/or delist the securities from the applicable stock exchange(s) through certain procedures detailed in the offering materials.

Important information about participating in corporate actions:


Offering materials: Please review the offering materials in full to ensure you understand the offer before making any decision with respect to your securities. If you have not received these offering materials or if you have questions about the offer, please contact:

·Innisfree M&A Incorporated

¨[phone]

Market conditions: Holders are encouraged to monitor the market conditions, prices, and events, as applicable, surrounding the securities involved in the offer. Participating in this offer may or may not be beneficial.

·It is your responsibility to fully understand the offer and the related events/securities to determine if you wish to participate in the offer.

Offer conditions: The offer may be subject to certain conditions, approvals, participation restrictions, and acceptance procedures as described in the offering materials.

Changes to the offer: The offeror may have the option to amend, extend, or cancel the offer.


Taxes: Holders are encouraged to consult with their own tax advisor regarding any tax implications of participating in the offer.



Note: Language and information in this notice is generic. Please review the offering materials (which may have terminology that differs from this notice) to ensure that you fully understand the specific details that apply to the current offer.


Submit Instruction To Schwab
It is your responsibility to ensure you submit instructions by SEPTEMBER 16, 2024,07:00 P.M. EST .

[gladeshawk]

I believe Sept. is end of $3.00 tender offer. Not sure what date.

[gladeshawk]

Buying on the pullbacks.