Performance Shipping Inc. Announces Agreements to Acquire Two Aframax Tankers and US$10.0 Million Investment by its Chairman
(WorldNews Greece)

ATHENS, GREECE, June 11, 2019 - Performance Shipping Inc. (NASDAQ:DCIX), (the `Company`), today announced that it has agreed to acquire two entities, which have signed contracts to purchase two 2011-built Aframax tanker vessels from an unaffiliated third party seller for a total purchase price of US$60.0 million. The transaction was unanimously approved by the disinterested members of the board of directors of the Company. The Company will acquire the two entities affiliated with the Company`s Chairman and Chief Executive Officer, Mr. Symeon Palios, for an aggregate purchase price of US$10.0 million, which will be paid in common shares of the Company at a per share price of US$1.05, which is...