Performance Shipping Inc. Provides Update on Potential Forward Sale Agreement for M/T P. Sophia

ATHENS, GREECE – December 5, 2025 – Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that the previously disclosed potential forward sale of the 2009-built Aframax tanker, M/T P. Sophia, will not materialize.

As announced on April 7, 2025, the Company had entered into a forward sale and exclusivity agreement with an unaffiliated third party (the “Buyer”), granting the Buyer the exclusive right to submit a bid for the conversion of the M/T P. Sophia into a Floating Production Storage and Offloading (FPSO) unit for a proposed offshore project (the “Offshore Project”). The Buyer has informed the Company that the M/T P. Sophia was not selected for the Offshore Project. As a result, the potential forward sale and exclusivity agreement has automatically lapsed, no sale will be completed under its terms, and the vessel will continue to operate in the Company’s fleet.