Performance Shipping enters potential forward sale agreement for M/T P. Sophia

Performance Shipping (PSHG) announced that, through a separate wholly-owned subsidiary, it has entered into a forward sale and exclusivity agreement with an unaffiliated third party. This agreement grants the Buyer exclusive rights to submit a bid for the conversion of the Company’s Aframax tanker, M/T P. Sophia, in an auction for the provision of a Floating Production Storage and Offloading vessel for charter to a national oil company. If the Buyer is awarded the Offshore Project by the expiration of the auction on April 5, 2026, the Buyer will purchase the Company’s oldest vessel, the 2009-built M/T P. Sophia, for delivery within a maximum of 120 days for a gross sale price for a gross sale price of $36,050,000. Additionally, if the vessel is delivered to the Buyer on or before September 30, 2025, the gross sale price will be increased by $1,000,000. During the exclusivity period, the Company may freely operate the vessel but is restricted from selling it to any other party until the conclusion of the Offshore Project auction in April 2026.