Performance Shipping : March 2024

March 2024

A Pure - Play Tanker Company

Matters discussed in this presentation may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to future market conditions, the conduct of our share repurchase program and the delivery of the vessels we have agreed to acquire.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending," and similar expressions, terms, or phrases may identify forward-looking statements.

The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, changes in governmental rules and regulations or actions taken by regulatory authorities, general domestic and international political conditions or events, including "trade wars", armed conflicts including the war in Ukraine and the war between Israel and Hamas, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

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Section 1: Company Overview

Section 2: Financial Presentation

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Transitioned to pure tanker fleet, new management, simple corporate structure, new strategy implementation

Nasdaq: PSHG	Pure Tanker
Company
Publicly Listed since 2011
Since August 2020

7

Aframax Tankers

$108.9million

Revenue in 2023

$52.7million

Remaining Secured Revenue Backlog

Management

Commercial Technical in House

Net LTV -4%

Net Loan to Value ratio

Management &

Shareholders

Aligned Interests

ESG

Driven

Established Commercial

Relationships

Valuation

Trading at low valuation

$37.0 million

Face Value of Preferred Stock

Source: Company	4

Name / Title	Biography
Aliki Paliou	▪ Director Performance Shipping Inc. since February 2020
Chairperson of the Board	▪ Director, Vice-President and Treasurer of Unitized Ocean Transport Limited since January 2020
	▪ Previously Director and Treasurer of Alpha Sigma Shipping Corp. (2010-2015)
	▪ B.A. in Fine Arts, Athens School of Fine Arts
	▪ M.A. in Theatre Design, Central Saint Martins School of Art and Design, London
Andreas Michalopoulos	▪ Ex-CFO Performance Shipping Inc. (2010-2020)
CEO, Director and Secretary	▪ Ex-CFO Diana Shipping Inc. (2006-2020)
	▪ Previous experience: Merrill Lynch, Nestle S.A. and McKinsey and Company
	▪ MSc in Economics, MBA & Master's degree in Management Sciences specialized in Finance
Anthony Argyropoulos	▪ Managing Director, Seaborne Capital Advisors
CFO	▪ 20+ years investment banking & corporate finance experience
	▪ Previously with Cantor Fitzgerald & Co and Jefferies & Company, Inc. in the United States
	▪ MBA in Finance, Bentley College, Waltham Massachusetts

Source: Company

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Mid-point age, high specifications & quality assets under time charter contracts and pool arrangements

Vessel	Built	Shipyard	Size	Type	Status	Next Special Survey	Employment
(DWT)
Blue Moon	2011	Sumitomo, Japan	104,623	Aframax	Delivered	Q3 2026	TC
Briolette	2011	Sumitomo, Japan	104,588	Aframax	Delivered	Q2 2026	TC
P. Yanbu	2011	Sumitomo, Japan	105,391	Aframax	Delivered	Q1 2026	TC
P. Sophia	2009	Hyundai, S. Korea	105,071	Aframax	Delivered	Q3 2024	Pool
P. Aliki	2010	Hyundai, S. Korea	105,304	LR2 Aframax	Delivered	Q2 2025	Pool
P. Monterey	2011	Hyundai, S. Korea	105,525	Aframax	Delivered	Q3 2026	TC
P. Long Beach	2013	Hyundai, S. Korea	105,408	LR2 Aframax	Delivered	Q4 2028	TC

Source: Company

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5 Aframax tankers are currently operating under time charters

Secured revenues of approximately $52.7 million, as of the beginning of 2024

Estimated average contracted rate of approximately $32,900 and $37,200 per day in 2024 and 2025 respectively

Current

2024

2025

Vessel

Employment

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Status

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

P. LONG BEACH

TC

$37,200

P. YANBU

TC

$30,000

P. MONTEREY

TC

$32,000

BLUE MOON

TC

$23,000

BRIOLETTE

TC

$32,500

P. ALIKI

Pool

P. SOPHIA

Pool

(1)

1. Operating Days are the number of available days in a period less the aggregate number of days that the vessels are off-hire. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

Source: Company

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Transparent company provides investors with low leverage, significant exposure to the tanker sector

Fleet Composition

Commercial Deployment

Financial Parameters

Management Transparency

Short to medium term charters

Established commercial relationships

Presence in all major markets

East and west of Suez Canal

Net leverage at approximately -4% of market asset values Equity capital markets reliance for disciplined growth Reserves for fleet replacement & maintenance

Secured revenue backlog of $52.7 million, as of the beginning of 2024

Expert in-house technical and commercial manager Majority independent & diverse board of directors Transparent & lean corporate structure

ESG efforts, strive towards sustainable development goals

Source: Company

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Sale of the two oldest Aframax tankers of the fleet, $44.8 million of voluntary debt prepayment and three new shipbuilding contracts constitute the Company's fleet expansion and renewal strategy

Sale of the two oldest Aframax

tankers of the fleet

Debt Prepayment &

Reduction in Finance Costs

Three New Shipbuilding Contracts

Sale of the 2007-built Aframax tanker, M/T P. Kikuma, in the fourth quarter of 2023,

for $39.3 million

• Gain of $15.7 million

Sale of the 2007-built Aframax tanker,

M/T P. Fos, in 2022,

for $34.0 million

• Gain of $9.5 million

Full Prepayment of Piraeus Bank S.A. Loans - Decrease indebtedness by 44%

• Debt Outstanding at the end of 2023 stands at $55.2 million
• 3 out of 7 vessels unencumbered
• Net leverage at approximately

-4% of market asset values

• Reduction in finance costs by 50%
  in 2024

Construction of three LNG-ready LR2

oil tankers

• Expected delivery in late 2025
  through early 2026
• Total Construction Cost of
  $192.4 million

• Equipped with the latest

high-specification engines, fitted with

scrubbers and water ballast

treatment systems

• Reputable state-owned shipyards in
  China

Source: Company	9

Technical & Commercial Manager, Unitized Ocean Transport Limited (UOT) our Wholly-Owned Subsidiary Established efficient operations with low vessel operating expenses

We fully fund all commercial and technical services provided by UOT

Full-Service Platform Services

Access to Top-Tier Charterers

• Chartering
• Operations
• Insurance/Claims
• Technical
• Purchasing
• Crewing
• Quality Assurance
• Finance
• Accounting/Reporting
• Legal

▪	S&P	Key Professionals
	▪	Captain Nikolaos Gavalas - Operations Director
	▪	Captain Panos Chatzikyriakos - HSQE Director
	▪	Mr. Argyris L. Chachalis - Technical Director

Source: Company

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