Slide 1: A Pure-Play Tanker Company
A PURE - PLAY TANKER COMPANY MARCH 2026 PERFORMANCE SHIPPING INC. |1
Slide 2: Disclaimer
Disclaimer Inclusion of information in this report is not an indication that we deem such information to be material or important to an understanding of our business or an investment decision with respect to our securities. Discussion in this report of the materiality or significance to our business
Slide 3: Company Introduction
1 Company Introduction 2 Market Update 3 Financials 4 Appendix PERFORMANCE SHIPPING INC. |3
Slide 4: Company's senior management
Company’s senior management Andreas Michalopoulos Anthony Argyropoulos Chief Executive Officer Chief Financial Officer • Ex-CFO Performance Shipping Inc. (2010-2020) • Managing Director, Seaborne Capital Advisors • Ex-CFO Diana Shipping Inc. (2006-2020) • 25+ years investment banking & corporate fin
Slide 5: A leading NASDAQ-listed owner and operator of high-quality tankers
A leading NASDAQ-listed owner and operator of high-quality tankers Pure – Play Nasdaq: PSHG Tanker 10 On the water tankers1 3 Tankers under Publicly listed since 2011 Company construction Established $84.2m Net LTV 35% commercial Fully delivered 2025 Revenue net loan-to-value2 relationships Manageme
Slide 6: Focused and modern fleet of high-spec tankers
Focused and modern fleet of high-spec tankers Fleet built for performance and compliance 11x 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 r
Slide 7: Strategically employed fleet
Strategically employed fleet High charter coverage supports cash flow visibility and reduces earnings volatility Diversified chartering strategy resulting in $350m in secured revenue with 2.4 years average remaining term, and all vessels on fixed-rate charters • Balanced fleet deployment strategy Cu
Slide 8: 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 $m Actual / • Shipbuilding contracts with reputable yards 1 for the construction of Expected
Slide 9: Tanker fleet expansion and modernization supporting long term strategy
Tanker fleet expansion and modernization supporting long term strategy Avg. Fleet age pro forma new acquisitions / Tankers on-the-water Newbuildings / new acquisitions newbulds 14 12 3 11 10 2 P. Sophia 1 committed 3 4 for sale 10 10 8 7 7 9 5 5 2 2019 2020 2021 2022 2023 2024 2025 2026YTD 8.5yrs 11
Slide 10: 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 11: Market Update
1 Company Introduction 2 Market Update 3 Financials 4 Appendix PERFORMANCE SHIPPING INC. |11
Slide 12: Aframax sector offers less volatility and more liquidity than larger tanker vessels
Aframax sector offers less volatility and more liquidity than larger tanker vessels Aframaxes offer higher liquidity, both in terms of S&P and trading volumes Historical Aframax rates 2020-2026YTD $80,000 Average Aframax $70,000 Average spot Long Run Historical earnings for Earnings $60,000 Aframax
Slide 13: 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 ~18%, compared to ~20% of the fleet being >20 years 50% 45% 42% 39% 40% 35% 33% 30% 27% 25% 20% 19% 18%
Slide 14: Sanctions continue to constrain the Aframax crude fleet
Sanctions continue to constrain the Aframax crude fleet 33% of Aframax crude fleet remains sanctioned and likely to not re-enter Percentage of Aframax Crude Tankers under Sanctions 35 30 • ~33% of the Aframax crude fleet is sanctioned, significantly reducing mainstream crude trade capacity 33% of to
Slide 15: Rising crude oil supply drives structural tanker demand growth
Rising crude oil supply drives structural tanker demand growth Crude supply expected to rise by 1.0% in 2026, driving incremental seaborne volumes Global Oil Supply Growth 4.9% • Global oil supply is forecast to rise by 1.0% to 107.0m bpd in 2026, driven mainly by the Middle East (+3%), with Saudi A
Slide 16: Financials
1 Company Introduction 2 Market Update 3 Financials 4 Appendix PERFORMANCE SHIPPING INC. |16
Slide 17: 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 67 87 84 55 75 40 2022 2023 2024 2025 2022 2023 2024 2025 Book equity ratio Liquidity % $m 83% 79% 71 68 58% 53% 49 40 2022 2023 2024 2025 2
Slide 18: Statement of operations and other data for the year ended December 31, 2025
Statement of operations and other data for the year ended December 31, 2025 3M ended December 31, 2025 Year ended December 31, 2025 Statement of Operations (Expressed in millions of U.S. Dollars) Revenues 26.158 84.172 Voyage Expenses (1.573) (5.181) Vessel Operating Expenses (6.441) (21.605) Deprec
Slide 19: 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 12M Cash Flow Bridge Key Financial Remarks Amounts expressed in $ millions Vessel Operations ✓ $84 million of revenue generated by an average fleet of 7.1 v
Slide 20: Lean cost structure driving high-margin operations
Lean cost structure driving high-margin operations Disciplined cost control and in-house management model enable ~$11k/day operating cash breakeven Operational efficiency Transparent corporate structure • Commercial and technical management and provision of administrative services are carried out by
Slide 21: How historical rates compare to cash break-even
How historical rates compare to cash break-even Run-rate break-even analysis for an 11-vessel fleet vs. historical and required 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 $40,000 $35,000 OPEX $32.9 $8,150 $30,000
Slide 22: Illustrative capitalization
Publicly listed on Nasdaq since 2011 - established capital markets presence Illustrative capitalization First $128.7m $82.8m1 Existing Secured Bank Debt & Expected Sale & Leaseback Financing Sale & Leaseback Financings, for the two LR2 and LR1 newbuilds as of Dec 31, 2025 $150.0m Seniority Senior Se
Slide 23: Attractive financing with limited maturities ahead of the bond due in mid 2029
Attractive financing with limited maturities ahead of the bond due in mid 2029 Debt profile with minimal repayments and average margin of 2.15% Overview of debt facilities Limited maturities ahead of the bond due in mid 2029 4 Debt Outstanding ($m) Annual Counterparty / Debt maturities, $m Vessel In
Slide 24: 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 December 31, 2025, pro forma recent developments # of Tankers 13 Asset Value (1) $790.7m AV / Vessel $60.8m (1) Company’s estimate as of the end of 20
Slide 25: 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 26: Appendix
1 Company Introduction 2 Market Update 3 Financials 4 Appendix PERFORMANCE SHIPPING INC. |26
Slide 27: 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 28: 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 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 Commentary $m • Based on regulations, older than 15-years old vessels should be scheduled to pass drydock twice during each 5-year special surveys per
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 USDm 2022 2023 2024 Revenue 75.2 108.9 87.4 Voyage expenses (14.9) (4.4) (4.2) Vessel operating expenses (13.8) (21.9) (19.8) Depreciation and amortization of deferred charges (9.3) (14.8) (13.3) General and administrative expenses (6.8) (8.0) (8.3) Gain on vessels’ sale 9.5 15.7 (R
Slide 33: Balance Sheet
Balance Sheet ASSETS (USDm) 2022 2023 2024 LIABILITIES AND STOCKHOLDERS’ EQUITY (USDm) 2022 2023 2024 CURRENT ASSETS: CURRENT LIABILITIES: Current portion of long-term bank debt, net of unamortized Cash and cash equivalents 38.7 67.3 70.3 16.7 7.4 7.4 deferred fin. costs Accounts receivable, net 9.1
Slide 34: Cashflow Statement
Cashflow Statement USDm 2022 2023 2024 USDm 2022 2023 2024 Cash Flows provided by Operating Activities: Cash Flows (used in) / provided by Investing Activities: Net income 36.3 69.4 43.7 Advances for vessels under construction and other vessel costs - (11.3) (47.2) Adjustments to reconcile net incom
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