Slide 1: Performance Shipping Inc. May 2026
MAY 2026 PERFORMANCE SHIPPING INC. |1
Slide 2: Pure-play NASDAQ-listed owner of high-quality tankers
Pure-play NASDAQ-listed owner of high-quality tankers 9 Trading tankers1 Nasdaq: PSHG 6 Years1 3 Tankers under Publicly listed since 2011 construction Fleet Average Age In-House $96.6m $56.7m Commercial and technical management LTM Revenue LTM EBITDA ~90%-70% in 2026-2028 & ~$0.5B ~50% thereafter 50
Slide 3: Modern fleet of high-spec tankers
Modern fleet of high-spec tankers Fleet built for performance and compliance 9x trading vessels, 1x eco-design LR1 newbuilding with delivery in early 2027 and 2x eco-design Suezmax newbuildings with delivery in late 2028 / early 2029 Vessel Type Built DWT Yard Country ECO Scrubber LNG ready BLUE MOO
Slide 4: Strategically employed fleet
Strategically employed fleet High charter coverage supports cash flow visibility and reduces earnings volatility Diversified chartering strategy resulting in $498m in secured revenue with 3.0 years average remaining term. All vessels currently on fixed-rate charters 2026 2027 • Fleet deployment stra
Slide 5: Strategic fleet growth with accelerated renewal leading to materially younger fleet
Strategic fleet growth with accelerated renewal leading to materially younger fleet Avg. fleet age pro forma new Tankers on-the-water Newbuildings / new acquisitions acquisitions / newbulds 14 12 3 12.1 12.1 11 11.1 2 10 P. Sophia & P. Aliki 2 4 committed 3 for sale 8.5 8.3 8.4 8.3 6.0 10 8 7 7 9 5
Slide 6: Fleet renewal through high specification newbuild program
Fleet renewal through high specification newbuild program Six shipbuilding contracts for tankers, three of which have been delivered to the Company Newbuild program overview Newbuild remaining capex schedule • Shipbuilding contracts with reputable yards 1 for the construction of $m three LR2 tankers
Slide 7: Remarkable milestones towards the Company’s fleet expansion and renewal strategy
Remarkable milestones towards the Company’s fleet expansion and renewal strategy Disposition of the Secured Long-Term Fleet Growth & Modernization Six Shipbuilding Contracts fleet’s oldest tankers Time Charter Employment • Shipbuilding contracts with reputable • Secured 2-year TC for M/T P. Long • A
Slide 8: Technical & commercial management
Technical & commercial management In-house technical and commercial platform ensures operational control and cost efficiency Platform capabilities Key charterers Key professionals Captain Nikolaos Gavalas Operations Director Mr. Gavalas is a licensed Master Mariner with 17+ years Chartering Operatio
Slide 9: Market Update
1 Company Introduction 2 Market Update 3 Financials 4 Appendix PERFORMANCE SHIPPING INC. |9
Slide 10: Balanced exposure across Aframax and Suezmax sectors
Balanced exposure across Aframax and Suezmax sectors Mid-sized tanker markets offer commercial flexibility and liquidity, both in terms of S&P and trading volumes Historical Suezmax & Aframax rates 2020-2026YTD $100,000 Average Suezmax Long Avg. Spot Suezmax Earnings: $47.8k Run Historical Earnings
Slide 11: Tanker orderbook remains constrained
Tanker orderbook remains constrained Net fleet growth for the overall tanker sector limited by aging profile — replacement-focused, not expansionary Combined oil tanker vessels orderbook stands at ~22%, compared to ~21% of the fleet being >20 years 50% 700 45% 42% 600 40% 39% 35% 500 33% 30% 27% 400
Slide 12: Sanctions continue to constrain the tanker fleet
Sanctions continue to constrain the tanker fleet 35% of Aframax crude fleet remains sanctioned and likely to not re-enter Percentage of Aframax Crude Tankers under Sanctions 35 • Approximately 17% of global oil tanker fleet capacity is currently sanctioned, including ~35% 30 of crude Aframax tanker
Slide 13: Geopolitical disruptions reshaping oil supply flows
Geopolitical disruptions reshaping oil supply flows Production disruptions, vessel dislocations and longer-haul trades continue to support tanker market fundamentals Global oil supply growth Geopolitical disruptions support elevated charter rates Average Suezmax Long Run Historical Earnings Average
Slide 14: Financials
1 Company Introduction 2 Market Update 3 Financials 4 Appendix PERFORMANCE SHIPPING INC. |14
Slide 15: Solid historical financial performance
Solid historical financial performance Consistent revenue and EBITDA, coupled with solid book equity and ample available liquidity Revenue EBITDA1 $m $m 109 75 97 67 87 84 55 57 75 40 2022 2023 2024 2025 LTM (Q1 2026) 2022 2023 2024 2025 LTM (Q1 2026) Book equity ratio Liquidity % $m 127 83% 79% 58%
Slide 16: Statement of operations for the three months ended March 31, 2026
Statement of operations and other data for the three months ended March 31, 2026 & the full year ended December 31, 2025 Statement of Operations (Expressed in millions of U.S. Dollars) 3M ended March 31, 2026 Year ended December 31, 2025 Revenues 33.771 84.172 Voyage Expenses (1.966) (5.181) Vessel
Slide 17: Robust cash flow generation drives fleet growth
Robust cash flow generation drives fleet growth Strong operating liquidity combined with new funding sources position the company for expansion 3M 2026 Cash Flow Bridge Key Financial Remarks Amounts expressed in $ millions Vessel Operations -4 -2 ✓ $33.8 million of revenue generated by an average fl
Slide 18: Lean cost structure driving high-margin operations
Lean cost structure driving high-margin operations Disciplined cost control and in-house management model enable ~$11.7k/day operating cash breakeven Operational efficiency Transparent corporate structure • Commercial and technical management and provision of administrative services are carried out
Slide 19: How historical rates compare to fleetwide spot cash break-even
How historical rates compare to fleetwide spot cash break-even Run-rate break-even analysis for a 10-vessel fleet vs. historical market rates Fully delivered cash break-even1 Aframax historical 1-year TC rate over the last 3 years $50,000 USDm USD/day $45,000 OPEX $29.9 $8,200 $40,000 G&A EXPENSES $
Slide 20: Long-term charter coverage provides cash flow visibility & downside protection
Long-term charter coverage provides cash flow visibility & downside protection Actual fleet cash break-even remains below near-trough historical spot rates through 2030 Contracted Coverage Required Spot Rate for Break-even Average contracted TC rates of ~$31,700 per day Zero spot rates required in 2
Slide 21: Illustrative capitalization
Publicly listed on Nasdaq since 2011 - established capital markets presence Illustrative capitalization $169.9m1 $37.8m Existing Secured Bank Debt & Expected Sale & Leaseback Financing First Sale & Leaseback Financings for the LR1 newbuild $97.8m Expected Financing for the two Suezmax newbuilds (60%
Slide 22: Attractive financing with limited maturities ahead of the bond due in mid 2029
Attractive financing with limited maturities ahead of the bond due in mid 2029 Strong and diversified financing platform with limited near-term maturities Limited maturities ahead of the bond due in mid 2029 1 Diversified funding base & strong banking relationships Debt maturities, $m 176 Bank Debt
Slide 23: Significant debt to value coverage through prudent financial strategy
Significant debt to value coverage through prudent financial strategy Maintaining strong financial flexibility and conservative leverage levels As of March 31, 2026, pro forma recent developments # of Tankers 12 Asset Value (1) $832.6m AV / Vessel $69.4m (1) Company estimate as of March 31, 2026, ad
Slide 24: In summary
In summary 1 Pure-play tanker company with high quality and specification fleet Cash flow visibility through contracted backlog and competitive 2 cash breakeven 3 Robust balance sheet and diversified funding mix Experienced management team, in-house extensive technical and 4 commercial expertise Str
Slide 25: Appendix
1 Company Introduction 2 Market Update 3 Financials 4 Appendix PERFORMANCE SHIPPING INC. |25
Slide 26: Senior Management
Senior Management Andreas Michalopoulos Argyris Chachalis Captain Nikolaos Gavalas Director & Chief Executive Officer Technical Director Operations Director Andreas Michalopoulos has served as CEO of Performance Argyris Chachalis has 15 years of experience in shipping and Captain Nikolaos Gavalas is
Slide 27: Board of Directors
Board of Directors Aliki Paliou Andreas Michalopoulos Loïsa Ranunkel Director & Chairperson of the Board Director & Chief Executive Officer Director Aliki Paliou has served as a Director of Performance Andreas Michalopoulos has served as CEO of Loïsa Ranunkel has served as an independent Director Sh
Slide 28: Overview of debt facilities
Overview of debt facilities Diversified financing relationships with leading banks and other lessors Overview of debt facilities Sale and leaseback Financings Overview Debt Outstanding ($m) Annual Counterparty / Vessel Interest Rate Amortization Profile Maturity (March 31, 2026) Repayment ($m) lende
Slide 29: Maintenance capex expected to remain moderate in the foreseeable future
Maintenance capex expected to remain moderate in the foreseeable future Driven by regulatory cycles and vessel age profile Expected maintenance capex 1 Commentary $m • Based on regulations, older than 15-years old vessels should be scheduled to pass drydock twice during each 5-year special surveys p
Slide 30: Overview of Senior Secured Bond
Overview of Senior Secured Bond Issuer: Performance Shipping Inc. Status: Senior Secured Initial issue amount: $100 million Tap Issue Amount: $50 million Maximum issue amount: $150 million The Net Proceeds from the initial Bond Issue shall be applied towards financing the acquisition of additional t
Slide 31: Overview of Preferred Stock
Overview of Preferred Stock Series B Cumulative Series C Convertible Cumulative Redeemable Perpetual Preferred Stock Perpetual Preferred Stock # Shares Outstanding 50,726 1,423,912 $ Value $1.3m $35.6m Liquidation Preference $25.0 $25.0 Dividend 4.0% per annum of the $25.0 liquidation preference 5.0
Slide 32: Income Statement
Income Statement (Expressed in millions of U.S. Dollars) 2025 2024 2023 Revenue 84.172 87.445 108.938 Voyage expenses (5.181) (4.237) (4.358) Vessel operating expenses (21.605) (19.758) (21.866) Depreciation and amortization of deferred charges (15.077) (13.336) (14.793) General and administrative e
Slide 33: Balance Sheet
Balance Sheet ASSETS LIABILITIES AND STOCKHOLDERS’ EQUITY 2025 2024 2023 2025 2024 2023 (Expressed in millions of U.S. Dollars) (Expressed in millions of U.S. Dollars) CURRENT ASSETS: CURRENT LIABILITIES: Cash and cash equivalents 48.172 70.314 67.267 Current portion of long-term bank debt, net of 1
Slide 34: Cashflow Statement
Cashflow Statement (Expressed in millions of U.S. Dollars) 2025 2024 2023 (Expressed in millions of U.S. Dollars) 2025 2024 2023 Cash Flows provided by Operating Activities: Cash Flows (used in) / provided by Investing Activities: Net income 49.973 43.730 69.413 Advances for vessels under constructi
Slide 35: Corporate Offices
PERFORMANCE SHIPPING INC. CORPORATE OFFICES Performance Shipping Inc. 373 Syngrou Ave., 17564 Palaio Faliro, Athens, Greece www.pshipping.com PERFORMANCE SHIPPING INC. |35