Maersk for oil

• Crude Oil Transportation: Providing seaborne transportation for crude oil to various destinations worldwide using their tanker fleet.
• Refined Petroleum Product Transportation: Offering global shipping services for refined petroleum products such as gasoline, diesel, and jet fuel.

Performance Shipping Inc. (PSHG) is a shipping company that owns and operates tanker vessels. As such, its customers are primarily other companies, specifically charterers who contract to use their vessels for transporting goods.

Identifying "major customers" for a shipping company can be challenging because charter agreements are often short-term or spot market, and the customer base can fluctuate. Shipping companies typically do not disclose specific major customers in the same way a retail or manufacturing company might, due to the nature of their business and competitive reasons. Instead, they refer to a pool of reputable charterers.

Based on their business model and industry practices, Performance Shipping's customers are typically international energy companies, commodity traders, and other shipping and logistics companies that require crude oil and refined product transportation. While specific names of individual major customers are not consistently disclosed in their public filings (like 10-K reports) due to the dynamic nature of chartering, they generally serve a diverse range of reputable counterparties in the global shipping market. The company aims to charter its vessels to high-quality counterparties to ensure reliable revenue streams.

Therefore, while specific customer names are not typically made public by PSHG, their customers are primarily other companies, encompassing a broad range of entities in the global energy and commodities trade, including major oil companies, national oil companies, and large trading houses.

• SCF Shipmanagement Ltd.
• Performance Commercial Management Inc.
• P. Shipmanagement Inc.

Andreas Michalopoulos, Chief Executive Officer, Director and Secretary

Andreas Michalopoulos was appointed Chief Executive Officer of Performance Shipping Inc. in October 2020. He previously served as Deputy Chief Executive Officer from October 2019 to October 2020 and as Chief Financial Officer from the Company's formation in 2010 until October 2020. Prior to joining Performance Shipping Inc., Mr. Michalopoulos served as Chief Financial Officer, Treasurer, and a Director of Diana Shipping Inc. from March 2006 to February 2020. His career began in 1993 at Merrill Lynch Private Banking in Paris. He held positions as an International Corporate Auditor and Trade Marketing and Merchandising Manager at Nestle SA, an Associate Generalist Consultant at McKinsey and Company, and a Vice President of International Business Development for a major Greek Pharmaceutical Group. He also served as a Project Manager at Diana Shipping Agencies S.A. Mr. Michalopoulos is married to Aliki Paliou, who serves as the current Chairperson of Performance Shipping's Board.

Anthony Argyropoulos, Chief Financial Officer

Anthony Argyropoulos was appointed Chief Financial Officer of Performance Shipping Inc. in October 2020, succeeding Andreas Michalopoulos in that role. He is the founder of Seaborne Capital Advisors (formerly Oceanaut Capital MIKE), a financial advisory firm based in Athens, Greece, focusing on the shipping and maritime industries. Before establishing Seaborne Capital Advisors, Mr. Argyropoulos was a Partner at Cantor Fitzgerald & Co. until September 2011, where he was responsible for the investment banking group's activities in the maritime sector. Earlier in his career, through early 2004, he was a Senior Vice President with Jefferies & Company, Inc., where he was instrumental in developing their maritime investment banking practice.

Captain Nikolaos Gavalas, Operations Director

Captain Nikolaos Gavalas serves as the Operations Director of Performance Shipping Inc.

Andreas Mavrommatis, Chief Accountant

Andreas Mavrommatis holds the position of Chief Accountant at Performance Shipping Inc.

Argyris Chachalis, Technical Director

Argyris Chachalis is the Technical Director of Performance Shipping Inc.

The accelerating global energy transition away from fossil fuels poses a clear emerging threat to Performance Shipping (PSHG).

As the world shifts towards renewable energy sources, electric vehicles, and other decarbonization initiatives, the long-term demand for crude oil and refined petroleum products, which PSHG's Aframax tankers are designed to transport, is projected to decline. This structural decline in demand directly threatens the utilization rates, charter rates, and ultimately the asset values of their tanker fleet, potentially rendering some vessels obsolete or significantly less profitable well before their physical end-of-life.

Evidence of this threat's emergence includes:

• **Global Policy Momentum:** International climate agreements (e.g., Paris Agreement) and national decarbonization targets drive policy decisions aimed at reducing fossil fuel consumption.
• **Technological Advancements and Investment:** Rapid growth and decreasing costs of renewable energy technologies (solar, wind), the accelerating electrification of transportation, and significant investments in alternative energy carriers like green hydrogen are reshaping the energy landscape.
• **Corporate and Financial Shifts:** Major energy companies are diversifying into renewables, and financial institutions are increasingly integrating ESG criteria into their lending and investment decisions, potentially raising capital costs for traditional fossil fuel-dependent assets.
• **Peak Oil Demand Projections:** Numerous reputable energy agencies and industry bodies are forecasting peak oil demand in the coming years or decades, signaling a fundamental shift in the market that directly impacts the core business of oil tanker companies.

Performance Shipping Inc. (PSHG) specializes in providing shipping transportation services through its ownership and operation of tanker vessels, primarily for the global transportation of crude oil, refined petroleum products, and dry bulk commodities. The company's fleet includes Aframax and Panamax tanker vessels.

The addressable markets for their main products and services are sized as follows:

• The global tanker shipping market was valued at approximately USD 237.6 billion in 2024 and is projected to reach USD 273.9 billion by 2032, growing at a compound annual growth rate (CAGR) of 2.9% during the forecast period 2026 to 2032. Other estimates indicate the global tanker shipping market size is forecast to increase by USD 19.95 billion with a CAGR of 8.9% between 2024 and 2029, and is projected to grow from USD 209.4 billion in 2024 to USD 345.2 billion by 2035, at a CAGR of 4.65% during the forecast period 2025–2035.

• The global chemical tanker shipping market, a segment of the broader tanker market, was estimated at USD 34.65 billion in 2023 and is projected to reach USD 46.14 billion by 2030, with a CAGR of 4.2% from 2024 to 2030. North America held the largest market share in the chemical tanker shipping market in 2023.

• The global Panamax tankers market size was valued at USD 4.2 billion in 2024 and is forecasted to reach USD 6.8 billion by 2033, growing at a CAGR of 5.1%.

Performance Shipping Inc. (PSHG) is expected to drive future revenue growth over the next two to three years through several key strategies and market dynamics:

1. Fleet Expansion through New Vessel Acquisitions: Performance Shipping is focused on expanding its fleet with modern, fuel-efficient vessels to capitalize on market demand. This is evidenced by recent acquisitions, such as two new Suezmax tankers, which are part of the company's disciplined fleet renewal and deployment strategy.

2. Securing Long-Term Time Charter Agreements at Favorable Rates: The company generates revenue primarily through time charter agreements. A key driver for future growth is the ability to secure multi-year time charter contracts at favorable daily rates, which provides significant revenue visibility and enhances the company's revenue backlog. For instance, in November 2025, Performance Shipping secured a two-year time charter for the M/T P. Long Beach at $30,500 per day and three-year contracts for two Suezmax tankers with Repsol at $36,500 per day each, significantly increasing its total secured revenue backlog to approximately $257 million and improving fixed charter coverage for 2026 and 2027.

3. Capitalizing on Favorable Tanker Market Dynamics: Performance Shipping's future growth is also contingent on favorable industry trends and market expansion within the volatile shipping industry. Sustained higher Time Charter Equivalent (TCE) rates, driven by global economic conditions and demand for petroleum product transportation, directly impact the revenue earned per vessel.

Share Repurchases

• In April 2023, Performance Shipping initiated a $2.0 million share buyback program.
• By August 2023, the company completed this program, repurchasing approximately 2.22 million common shares for $2.0 million.
• A new share repurchase plan for up to an additional $2.0 million of outstanding common shares was approved in August 2023.

Share Issuance

• Over a 13-month period leading up to June 2023, Performance Shipping raised approximately $37.7 million in net proceeds through additional equity offerings, including warrant sweeteners.
• The company also experienced dilution from share sales carried out under two at-the-market offerings.

Inbound Investments

• In July 2025, Performance Shipping successfully placed $100 million of bonds in the Nordic bond market, with the proceeds intended for tanker acquisitions or bond repurchases.

Outbound Investments

• In October 2025, the company agreed to acquire two Suezmax tankers for a combined price of $150.9 million, with deliveries anticipated between December 2025 and January 2026.
• Prior to June 2023, funds from equity offerings were utilized to expand the tanker fleet to eight vessels.
• An order for a newbuild Aframax/LR2 tanker was placed for $62.2 million in April 2023, with the first installment of $9.5 million paid and delivery expected in Q4/2025.

Capital Expenditures

• Capital expenditures have primarily focused on fleet expansion and modernization, including the acquisition of new and modern tankers.
• A projected capital expenditure of $12 million is estimated for 2025.
• Significant capital outlays include the $9.5 million first installment for a newbuild Aframax/LR2 tanker in April 2023 and the $150.9 million commitment for two Suezmax tankers in October 2025.