PERFORMANCE SHIPPING INC. ANNOUNCES US$2.0 MILLION SHARE BUYBACK PLAN ATHENS, Greece, April 4, 2023 -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced today that its Board of Directors has approved a share repurchase plan (the “Plan”). Under the Plan, the Company may repurchase up to US$2.0 million of its outstanding common shares, representing approximately 21% of the market capitalization of its outstanding common shares as of the close of trading on April 3, 2023. Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “Rising interest rates, global economic uncertainty and the recent banking crisis have impacted capital markets and near-term sentiment. Following the recent share price development, we find it in our shareholders’ interest that the Company has the flexibility to repurchase our common stock as part of its capital allocation strategy. Given the strength of our balance sheet and our constructive long-term tanker market outlook, we will continue to invest opportunistically, including through share buybacks under appropriate conditions.” (..)
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