Performance Shipping Inc. Announces $4.0 Million Share Buyback Plan

Performance Shipping Inc., a leading global shipping company that specializes in owning tanker vessels, has recently unveiled its share buyback plan. The company's Board of Directors has greenlighted a repurchase plan (the "Plan") which could allow them to buy back up to $4.0 million worth of its outstanding common shares. The company has the option to buy back shares based on Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or through a trading plan that has been adopted in compliance with Rule 10b5-1 of the same Act.

The decision to buy back shares will be left to the management's discretion, considering factors like the attractiveness of the price, overall market conditions, trading price of the stock, the availability of capital, compliance with securities laws, and the company's financial performance. The Board of Directors has the power to suspend, terminate, or modify the Plan at any time for various reasons which include but are not limited to market conditions, the cost of repurchasing shares, availability of alternative investment opportunities, liquidity, and other relevant factors.

The decision to repurchase shares is not obligatory and the Board's authorization of the Plan remains in effect from now until June 30, 2027.