January 2023

A Pure - Play Tanker Company

Disclosure
Matters discussed in this presentation may constitute forward -looking statements. The Private Securities Litigation Reform Act o f 1995
provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective informati on
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.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 a nd is
including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "inte nds," "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 f urther
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 predic t 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 mater ially from those
discussed in the forward-looking statements include the strength of world economies, fluctuations in currencies and interest rat es, general
market conditions, including fluctuations in charter hire rates and vessel values, changes in demand for our vessels, changes in the supply
of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bun ker prices,
crew costs, dry-docking and insurance costs, our future operating or financial results, availability of financing and refinancin g, changes in
governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future lit igation, general
domestic and international political conditions, the length and severity of epidemics and pandemics, including the ongoing ou tbreak of the
novel coronavirus (COVID-19) and its 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, potential liability from pending or future
litigation, general domestic and international political conditions or events, including “trade wars”, 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 breakd owns and
instances of off-hires and other important factors. Please see our filings with the U.S. Securities and Exchange Commission for a more
complete discussion of these and other risks and uncertainties

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Agenda

Section 1: Company Overview

Section 2: Financial Presentation

3
Company Profile
Transitioned to pure tanker fleet, new management, simple corporate structure, new strategy implementation

Pure Tanker
Nasdaq: PSHG
Company
8
Publicly Listed since 2011 Since August 2020 Aframax Tankers

$47.4 million LTV 37% Established Commercial

Total Revenue in 9M 2022 Net Loan to Value ratio Relationships

Management &
$85 million Shareholders Valuation
Secured Revenue Backlog Aligned Interests Trading at low valuation

Management ESG $36.3 million

Commercial Technical in House Face Value of Preferred Stock
Driven

Source: Company
4
Experienced Senior Management

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

▪ Managing Director, Seaborne Capital Advisors

Anthony Argyropoulos
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
5
Fleet Profile
Mid-point age, high specifications & quality assets under time charter contracts, spot charters and pool arrangements

Size
Vessel Built Shipyard 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. Kikuma(1)
2007 Samsung, S. Korea 115,915 Aframax Delivered Q1 2023 Pool

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 TC

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 Q3 2023 Spot

(1) P. Kikuma’s estimated cost of special survey, drydock and ballast water treatment system installation is approximately $1.8 million. The vessel is expected to
further pass drydocking works in 2025 based on regulations

Source: Company
6
Employment Profile
5 Aframax tankers under time charters generating secured revenues of approximately $85 million based on contracts’
earliest redelivery dates
Estimated average contracted rate of approximately $30,900 and $29,600 per day in 2023 and 2024 respectively
2023 2024
Employment Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Vessel
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. YANBU TC $30,000
P. MONTEREY TC $32,000
BLUE MOON TC $23,000
BRIOLETTE TC $32,500
P. ALIKI TC $45,000
P. KIKUMA Pool
P. SOPHIA Pool
P. LONG BEACH Spot
(1)
2,500 Operating Days
1,964
2,000 Contracted
1,574 Days
1,500
1,200

1,000 847

Spot Days
500

0
2023 2024
(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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Focused Business Strategy
Transparent company provides investors with low leverage, significant exposure to the tanker sector

➢ Growing sector presence

➢ High specifications & quality, reputable yards
Fleet Composition ➢ Mid-point age profile acquisitions ≈ 12 years
➢ Continued fleet renewal at specific intervals

➢ Short to medium term charters

➢ Established commercial relationships
Commercial Deployment ➢ Presence in all major markets
➢ East and west of Suez Canal

➢ Net leverage at approximately 37% of current asset values

➢ Equity capital markets reliance for disciplined growth
Financial Parameters ➢ Reserves for fleet replacement & maintenance
➢ Secured revenue backlog of $85 million

➢ Expert in-house technical and commercial manager

➢ Majority independent & diverse board of directors
Management Transparency ➢ Transparent & lean corporate structure
➢ ESG efforts, strive towards sustainable development goals

Source: Company
8
Technical & Commercial Management
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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Agenda

Section 1: Company Overview

Section 2: Financial Presentation

10
Summary Selected Financial & Other Data
The table below illustrates our statement of operations and other data for the three and nine months ended
September 30, 2022
For the three months ended For the nine months ended
September 30, 2022 September 30, 2022
Statement of Operations
(Expressed in millions of U.S. Dollars, except for share and per share data)

Revenues 22.131 47.406

Voyage Expenses (3.274) (12.022)
Vessel Operating Expenses (3.309) (9.586)
Depreciation and Amortization of Deferred Charges (2.496) (6.566)
General & Administrative Expenses (1.416) (4.705)
Other 0.057 0.033
Operating Income / (Loss) 11.693 14.560
Total other income / (expenses), net (1.017) (2.095)
Net income/ (loss) from continuing operations 10.676 12.465
Net income / (loss) from discontinued operations -
Dividends on Preferred Stock (0.247) (0.575)
Deemed dividend on Series B preferred stock upon exchange of common stock - (9.271)
Income allocated to participating securities (0.003) (0.002)
Deemed dividend to the July warrants’ holders due to triggering of a down-round feature (0.022) (0.022)
Total net income / (loss) attributable to common stockholders 10.404 2.595
Earnings / (Loss) per Common Share , basic 0.26 0.16
Earnings / (Loss) per Common Share , diluted 0.10 0.04

Weighted Average Number of Common Shares, basic 40,725,131 16,570,048

Weighted Average Number of Common Shares, diluted 102,821,775 83,354,138
Fleet Data
Average Number of Vessels 6.0 5.3
Number of Vessels 6.0 6.0
Ownership Days 548 1,453
Available Days 548 1,423
Operating Days (1) 529 1,384
Fleet Utilization 96.5% 97.3%

Average Daily Results ($ actuals)

Time Charter Equivalent (TCE) rate 34,411 24,866
Daily Vessel Operating Expenses 6,038 6,597

(1) Operating days include ballast leg

Source: Company
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 Debt Description
Indebtedness exclusively comprising of efficient secured amortizing loan from relationship banks, with annual
repayment and 2H 2024-2027 maturity
Debt (1) New Annual
Vessel Debt Outstanding
Drawdown Repayment Interest Rate Maturity Credit Facility
(September 30, 2022)
($m) ($m)

Blue Moon 16.5 10.8 1.77 L + 2.75% Jul 2024 Nordea Bank Abp

Briolette 16.5 10.8 1.96 L + 2.75% Jul 2024 Nordea Bank Abp

P. Fos (sold) 10.6 7.8 - L + 2.85% Repaid in November 2022 Piraeus Bank S.A.

P. Kikuma 7.8 7.8 1.25 SOFR + 2.45% Dec 2027 Piraeus Bank S.A.

P. Monterey 28.7 - 4.60 SOFR + 2.45% Dec 2027 Piraeus Bank S.A.

P. Yanbu 7.3 7.3 0.74 L + 2.70% Jul 2027 Piraeus Bank S.A.

P. Sophia 24.6 24.6 2.46 L + 2.70% Jul 2027 Piraeus Bank S.A.

P. Aliki 18.3 - 2.00 SOFR + 2.60% Nov 2027 Alpha Bank S.A.

P. Long Beach 22.0 - 2.20 SOFR + 2.35% Dec 2027 Alpha Bank S.A.

TOTAL 152.3 69.10 17.0 - - -

Bank Relationships

(1) On March 2nd , 2022, the Company entered into an unsecured credit facility with Mango Shipping Corp. an affiliated entity whose beneficial owner is Aliki Paliou, for up to $5.0
million, to be used for general working capital purposes. The full amount of $5.0 million has been drawn down in March 2022 and has been repaid in October 2022.
Source: Company
12
Solid Balance Sheet
December 2021 September 2022 September 2022
(3)

Actual Actual Pro-Forma

# of Tankers 5 6 8

Asset Value (1) $116.5m $216.0m $299.1 (2)

AV / Ship $23.3m $36.0m $37.4m

Bank Debt $50.2m $74.1m $130.2m (3)

Cash $9.6m $35.5m $20.7m (4)

Net Bank Debt $40.6m $38.6m $109.5m

LTV 43.1% 34.3% 43.5%

Net LTV 34.9% 17.9% 36.6%

Preferred Stock Value $19.8m $19.8m $36.3m

Net Asset Value $56.1m $157.6m $153.4m

(1) Company’s estimates

(2) Company’s estimate as adjusted for the new vessels’ acquisition costs delivered during the fourth quarter; excluding P. Fos market value sold by the Company in November 2022
(3) Principal balance, secured and guaranteed, as adjusted for the new loan agreements with Piraeus Bank S.A & Alpha Bank S.A. for the partial financing of the new vessels P. Aliki, P.
Monterey, P. Long Beach; as further adjusted for the repayment of the unsecured credit facility with Mango Shipping Corp. an affiliated entity whose beneficial owner is Aliki Paliou,
of a total amount of $5.0 million
(4) Cash balance as adjusted for recent developments as described above

Source: Company
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Equity Capital Markets
Company has one class of Common Shares (Nasdaq: PSHG) trading modestly above cash, much below replacement
cost and at very deep discount to net asset value

Capital Markets

Exchange Nasdaq

Category Capital Market

Ticker PSHG

Outstanding Common Shares

4,047,209
(as of September 30th , 2022)

Indicative Share Price $3.3

Indicative Market Capitalization $13.4m

Enterprise Value $159.1m

EV / Ship $19.9m

Average Daily Trading Volume (last 30 days)

# Common Shares 71,255

$ Value $239,865

Our Series B Preferred Shares and our Series C Preferred Shares are not listed on any nationally recognized stock
exchange, and we do not intend to seek a listing for them

Source: Company
14
 Preferred Stock
In January 2022, the Company issued Series B Preferred Shares.

In October 2022, several Series B Preferred Shares were exchanged for Series C Preferred Shares for a cash
consideration of $4.9 million
Series B Cumulative Series C Convertible Cumulative Redeemable
Perpetual Preferred Stock Perpetual Preferred Stock
# Shares Outstanding 136,261 1,314,792

$ Value $3.4m $32.9m

Liquidation Preference $25.0 $25.0

Dividend (payable 4.0% per annum of the $25.0 liquidation preference 5.0% per annum of the $25.0 liquidation preference
quarterly, cumulative) (in cash or common shares at Company’s option) (in cash or common shares at Company’s option)

Number of votes equal to the number of shares of

Voting Rights No Vote Common Stock into which the share is convertible
multiplied by 10

At the option of the holder and on or after 6 months from

For cash consideration of $7.5 per share,
October 17th , 2022
Conversion Rights each Series B Preferred Share is exchanged for two
conversion to Common Shares at a conversion price
Series C Preferred Shares (1)
equal to $7.5 per Common Share

At any time, on or after 15 months from

October 17th , 2022
If 25% or less of Series C Preferred Shares remain
At any time, on or after the 15-month anniversary of their
Redemption Rights outstanding
Original Issue Date; by cash payment
in Shares (preceding 10-trading days VWAP)
Or in cash irrespectively of the number of shares then
outstanding
(1) Adjusted for any stock splits, reverse stock splits or stock dividends in each case, occurring on or after the date of original issuance of the Series B Preferred Shares. The
conversion price shall be adjusted to the lowest price of issuance of Common Stock by the Company for any registered offering following the original issuance of Series B
Preferred Shares, provided that, such adjusted conversion price shall not be less than $0.50.
Source: Company
15
Historical Rates vs Cash Break-even
Indicative Run Rate Cash Break-even assuming 8 tankers fleet operations for a full fiscal year

Indicative Run Rate Cash Break-even Expected daily cash break-even rate per vessel
Amounts in millions except daily figures 8 Ships
Aframax 5-Year Historical Spot Rate (2018-2022)
DAILY OPEX $7,000
$100,000
OWNERSHIP DAYS 2,920
$90,000
FLEET OPEX $20.4
$80,000
G&A EXPENSES $6.5
$70,000
DEBT REPAYMENT $17.0
$60,000
INTEREST EXPENSE (1) $8.7
$50,000
MAINTENANCE RESERVE $2.8
$40,000
TOTAL OUTFLOWS $55.4
$30,000
DAILY CASH
$18,976
BREAK-EVEN RATE $20,000

The above figures do not include non-cash items which $10,000

will result in differences with actual reported results
$0
(1) Based on debt outstanding balance as of
09/30/2022, LIBOR at 4.8%; SOFR at 4.7%; as
adjusted for the loan facilities’ amounts drawn down
in conjunction with the newly acquired Aframax
tankers Quarterly Spot Rate Break Even Average

Source: Company
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Attractive Equity Story
Performance Shipping is a compelling play on a tanker vessel recovery

1 The only listed pure-play Aframax tanker company → greatest operational trading flexibility among crude oil segments

2 Attractive fleet of 8 high-quality Aframaxes built at Tier-1 shipyards in Japan and S. Korea

3 Trading at significant discount to NAV

4 Highly skilled senior management team with strong industry and capital markets expertise

5 Conservative financial leverage → prudent financial policies

6 Transparent & lean corporate structure

7 Entry point during an attractive upturn of the tanker industry

Source: Company
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