Performance Shipping (PSHG) Investor presentation summary

Strategic positioning and fleet overview

• Operates a pure-play, high-quality tanker fleet of 12 vessels, including Aframax/LR2, Suezmax, and newbuilds, with an average fleet age of 8.3 years as of September 2025.

• All vessels are on fixed-rate charters, providing $336 million in secured revenue backlog and 2.4 years average remaining charter term.

• Fleet renewal is underway with four eco-design newbuildings delivering between mid-2025 and early 2027, focusing on fuel efficiency and LNG readiness.

• In-house technical and commercial management ensures operational control, cost efficiency, and alignment of management and shareholder interests.

• Maintains strong commercial relationships with major charterers such as ExxonMobil, Repsol, Glencore, and Saudi Aramco.

Market environment and industry trends

• Aframax sector offers higher liquidity and less volatility compared to larger tanker segments, with average spot earnings of $37,400/day since 2020.

• Tanker orderbook remains constrained at ~14% of the fleet, while over 20% of vessels are older than 20 years, indicating replacement-focused growth.

• New tanker contracting has sharply declined since mid-2024, with 33% of Aframax crude fleet under sanctions, reducing available mainstream capacity.

• Global oil supply is projected to rise by 2.2% in 2025, supporting incremental seaborne volumes and tanker demand.

• Market fundamentals are strong, with limited fleet growth and stable demand outlook.

Financial performance and capital structure

• Reported $58 million in revenue and $33 million EBITDA for 9M 2025, with consistent historical profitability and a transition to net cash.

• Cash and cash equivalents doubled to $212 million during 9M 2025, driven by robust cash flow from operations, vessel sales, and new bond issuance.

• Maintains a lean cost structure with all-in cash operating expenses estimated at $11,200/day for a fully delivered 12-vessel fleet.

• Net loan-to-value stands at 40% on a fully delivered basis, reflecting conservative leverage and strong financial flexibility.

• Attractive debt profile with minimal repayments ahead of a $100 million bond due in mid-2029 and average debt margin of 2.15%.