Performance Shipping Inc. (the “Company”) announced today that it has agreed, in separate individually-negotiated transactions with certain holders of its outstanding common share purchase warrants (“Warrants”), to repurchase and cancel (i) Class A Warrants to purchase an aggregate of up to 190,000 Warrants, (ii) Warrants issued on July 19, 2022 to purchase an aggregate of up to 859,999 common shares, (iii) Warrants issued on August 16, 2022 to purchase an aggregate of up to 1,699,306 common shares, and (iv) Series B Warrants issued on March 3, 2023 to purchase an aggregate of up to 3,313,250 common shares, at a price of $0.20 per common share underlying the Class A Warrants and $0.60 per common share underlying the other repurchased Warrants. The repurchases are in compliance with the Company’s financial covenants under its bank loan facilities and sale-and-leaseback agreements, as well as the bond terms of its 9.875% Senior Unsecured Bonds due 2029.

Giving effect to these transactions, the Company’s remaining outstanding Warrants consist of:

Maxim Group LLC is acting as financial advisor in connection with the warrant repurchase.

The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-197740), filed with the U.S. Securities and Exchange Commission (the “SEC”) with an effective date of August 13, 2014, the Company’s registration statement on Form F-3 (File No. 333-266946), filed with the SEC with an effective date of August 29, 2022, and the Company’s registration statement on Form F-3 (File No. 333- 295541), filed with the SEC with an effective date of May 21, 2026.