Performance Shipping Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Marathon Maritime Company (the "Charterer"), a wholly-owned subsidiary of Marathon Petroleum Corporation, for the M/T P. Long Beach. The gross charter rate will be USD 37,200 per day for a period of twenty-four (24) months +/- 40 days at the option of the Charterer and is expected to commence at the end of December. This charter will generate approximately USD 25.7 million of gross revenue for the minimum duration of the charter.

The M/T P. long Beach is a 105,408 dwt Aframax tanker vessel built in 2013 by Hyundai Heavy Industries Co. Ltd.