Donald McLee

- **Performance Shipping Inc.** announced the **acquisition of two modern Suezmax tankers**, the M/T Eco Bel Air and M/T Eco Beverly Hills.  **[1481241_0001140361-25-037797_ef20056876_ex99-1.htm:0]** 
- Each vessel is a **157,286 dwt Suezmax tanker built in 2019** and was purchased for **USD 75,438,000**, with delivery expected between **December 2025 and January 2026**.  **[1481241_0001140361-25-037797_ef20056876_ex99-1.htm:0]** 
- The company plans to fund the acquisition with **adequate cash on hand** but may add a **moderate amount of debt** to maintain flexibility for future opportunities.  **[1481241_0001140361-25-037797_ef20056876_ex99-1.htm:0]** 
- This expansion aligns with the company's strategy of **fleet modernization and growth** in the midsize tanker segment.  **[1481241_0001140361-25-037797_ef20056876_ex99-1.htm:0]**

Performance Shipping Inc. Announces Fleet Expansion with Two Suezmax Tanker Acquisitions

- Performance Shipping Inc. announced the naming and delivery of the **M/T P. Tokyo**, the **second vessel** in its newbuilding program, which is a **114,000 DWT LNG-ready Tier III product/crude oil tanker**.  **[1481241_0001140361-25-033658_ef20055027_ex99-1.htm:0]** 
- The M/T P. Tokyo has commenced operations under a **five-year time charter contract** with **Clearlake Shipping Pte Ltd** at a gross rate of **US$31,000 per day**, with options for a sixth and seventh year.  **[1481241_0001140361-25-033658_ef20055027_ex99-1.htm:0]** 
- The company has **two further newbuildings** scheduled for delivery: an additional sister LR2 Aframax in **early 2026** and an LR1 chemical/product tanker in **early 2027**.  **[1481241_0001140361-25-033658_ef20055027_ex99-1.htm:0]**

Performance Shipping (PSHG)