Performance Shipping (PSHG) Investor presentation summary

Fleet and operations

• Operates a modern fleet of 9 trading tankers, with 3 eco-design newbuilds scheduled for delivery between 2027 and 2029, maintaining an average fleet age of 6 years.

• All vessels are currently on fixed-rate time charters, providing $498 million in secured revenue backlog and high cash flow visibility.

• Fleet renewal strategy includes the sale of older vessels and acquisition of high-spec, eco-friendly tankers, with recent sales generating $117.3 million in proceeds.

• In-house technical and commercial management ensures operational control, cost efficiency, and quality standards.

Financial performance and structure

• Reported LTM revenue of $96.6 million and LTM EBITDA of $56.7 million, with a Q1 2026 book equity ratio of 50%.

• Net loan-to-value stands at 38% on a fully delivered basis, with net debt/EBITDA at 3.3x.

• Maintains robust liquidity, with $49 million in cash at Q1 2026 and strong cash flow from operations supporting fleet growth.

• Conservative leverage and prudent financial strategy result in a net asset value of $475.3 million and net LTV of 38%.

Chartering and market positioning

• Charter coverage is 90% for the remainder of 2026 and 79% for 2027, with average contracted TC rates of ~$31,700/day.

• Balanced exposure to Aframax and Suezmax sectors, benefiting from active S&P and fixture markets.

• Long-term charters with leading counterparties such as ExxonMobil, Repsol, and Clearlake, supporting stable earnings.

• Fleet cash break-even remains below historical spot rates through 2030, providing downside protection.