Performance Shipping Inc. Announces Expiration of Series B-2 Preferred Warrants

ATHENS, GREECE, March 26, 2019 – Performance Shipping Inc. (NASDAQ:DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today announced that its Series B-2 Preferred Warrants that are exercisable for Series B-2 Preferred Shares expired in accordance with their terms on March 24, 2019. 
As of the date hereof, the Company has 26,753,851 issued and outstanding Common Shares and 2,000 Series B-2 Preferred Shares issued and outstanding. No additional Series B-2 Preferred Shares may be issued after the date hereof.  

Mr. Symeon Palios, Director, Chief Executive Officer and Chairman of the Board, commented that:

“After the expiration of the Series B-2 Preferred Warrants, the Company is now set on a new start, as the Company’s fleet currently comprises of four unencumbered vessels, with zero debt outstanding. In addition to this, the Company’s available cash amounted to US$10.5 million, as of December 31, 2018 and since then, the Company collected an additional US$6.5 million of gross proceeds from the exercise of Series B-2 Preferred Warrants.”

About the Company

Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of containerships. The Company’s vessels are employed primarily on time charters with leading liner companies carrying containerized cargo along worldwide shipping routes. 

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release 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 statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

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 identify forward-looking statements.

The forward-looking statements in this press release 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 the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for containership capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, 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, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

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