<SEC-DOCUMENT>0000919574-20-006442.txt : 20201020
<SEC-HEADER>0000919574-20-006442.hdr.sgml : 20201020
<ACCEPTANCE-DATETIME>20201020163053
ACCESSION NUMBER:		0000919574-20-006442
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20201031
FILED AS OF DATE:		20201020
DATE AS OF CHANGE:		20201020

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Performance Shipping Inc.
		CENTRAL INDEX KEY:			0001481241
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35025
		FILM NUMBER:		201248590

	BUSINESS ADDRESS:	
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		302166002400

	MAIL ADDRESS:	
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Diana Containerships Inc.
		DATE OF NAME CHANGE:	20100115
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d8635012_6-k.htm
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    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">FORM 6-K</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION<br>
      WASHINGTON, D.C. 20549</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;">For the month of October 2020</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Commission File Number: 001-35025</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">PERFORMANCE SHIPPING INC.</font><br>
      (Translation of registrant's name into English)</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;">373 Syngrou Avenue, 175 64 Palaio Faliro, Athens, Greece<br>
      (Address of principal executive office)</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Form 20-F [X]&#160; &#160; &#160;&#160; Form 40-F [&#160; ]</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [&#160; ].</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(1) only
      permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [&#160; ].</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;"><font style="font-weight: bold;">Note</font>: Regulation S-T Rule 101(b)(7) only
      permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated,
      domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be
      and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</div>
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    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Attached to this Report on Form 6-K as Exhibit 99.1 is a press release dated October 20, 2020 of Performance Shipping Inc.
      (the &#8220;Company&#8221;) announcing that (i) its Board of Directors has approved a new dividend policy pursuant to which the Company may declare and pay a variable quarterly cash dividend, and that (ii) its Board of Directors has declared its first such
      dividend on its common stock of $0.01 per share, in accordance with the newly approved policy.</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">The information contained in this Report on Form 6-K, excluding the included quote by Mr. Andreas Michalopoulos, is hereby
      incorporated by reference into the Company's registration statement on Form F-3 (File no. 333-197740), filed with the U.S. Securities and Exchange Commission (the "SEC") with an effective date of August 13, 2014, and the Company's registration
      statement on Form F-3 (File No. 333-237637), filed with the SEC with an effective date&#160;of April 23, 2020.</div>
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    <div style="line-height: 14.4pt;">
      <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">SIGNATURES</div>
      <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
      </div>
    </div>
    <div style="line-height: 14.4pt;">
      <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
        signed on its behalf by the undersigned, thereunto duly authorized.</div>
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      </div>
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    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(registrant)</div>
    <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
    </div>
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    </div>
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          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Dated: October 20, 2020</div>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">By:</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;"><u>/s/ </u><font style="color: #000000;"><u>Andreas Michalopoulos</u></font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Andreas Michalopoulos</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; line-height: 11.4pt; color: #000000; font-family: 'Times New Roman', serif;">Secretary</div>
          </td>
        </tr>

    </table>
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    </div>
    <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;"><u>Exhibit 99.1</u></div>
    <div style="text-align: right; line-height: 11.4pt; font-family: 'Times New Roman', serif;"><u> <br>
      </u></div>
  </div>
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        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Corporate Contact:</div>
        </td>
      </tr>
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        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Andreas Michalopoulos</div>
        </td>
      </tr>
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        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Chief Executive Officer, Director and Secretary</div>
        </td>
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        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Telephone: +30-216-600-2400</div>
        </td>
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        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Email: <font style="color: #0000FF;"><u>amichalopoulos@pshipping.com</u></font></div>
        </td>
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        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Website: <font style="color: #0000FF;"><u>www.pshipping.com</u></font></div>
        </td>
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        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">For Immediate Release</div>
        </td>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
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        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-style: italic; font-weight: bold;">Investor and Media Relations:</div>
        </td>
      </tr>
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        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Edward Nebb</div>
        </td>
      </tr>
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        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Comm-Counsellors, LLC</div>
        </td>
      </tr>
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        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Telephone: + 1-203-972-8350</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: top;">&#160;</td>
        <td style="width: 50%; vertical-align: top;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Email: <font style="color: #0000FF;"><u>enebb@optonline.net</u></font></div>
        </td>
      </tr>

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  </div>
  <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">PERFORMANCE SHIPPING INC. ANNOUNCES THE INITIATION OF A VARIABLE QUARTERLY DIVIDEND POLICY</div>
  <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">AND DECLARATION OF QUARTERLY DIVIDEND</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">ATHENS, GREECE, October 20, 2020 &#8211; Performance Shipping Inc. (NASDAQ: PSHG), (the &#8220;Company&#8221;), a global shipping company
    specializing in the ownership of tankers, today announced <font style="color: #000000;">that </font>its Board of Directors has approved a new dividend policy pursuant to which the Company may
    declare and pay a variable quarterly cash dividend. If declared, the quarterly dividend is expected to be paid each February, May, August and November.</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company&#8217;s Board of Directors has declared its first such dividend on its common stock of $0.01 per share, in
    accordance with the newly approved policy. The cash dividend will be payable on or around November 9, 2020 to the shareholders of record at the close of business on October 30, 2020.</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The amount of the Company&#8217;s quarterly dividend for each quarter, if any, will be determined based on available cash from
    operations during the previous quarter after cash payments for debt repayment and interest expense and reserves for the replacement of vessels, reserves for the statutory maintenance capital expenditures of vessels and other purposes as the Board of
    Directors may from time to time determine are required, after taking into account contingent liabilities, the terms of any credit facility, the Company&#8217;s growth strategy and other cash needs as well as the requirements of Marshall Islands law.</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Commenting on the dividend payment, Mr. Andreas Michalopoulos, the Company&#8217;s Chief Executive Officer stated:</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">&#8220;We are pleased to commence the process of returning cash to our shareholders. The Company has a strong cash position,
    which as of September 30, 2020, was equivalent to approximately $0.74 per share in cash and cash equivalents. The initiation of a variable common stock dividend reflects our commitment to delivering shareholder value and emphasizes our confidence that
    a variable dividend policy will provide the groundwork for our long-term growth and value-creation. Today&#8217;s important development follows the completion of our transition, which started in June 2019, to a pure tanker owning company with a fleet of four
    (4) modern Aframax tankers. Moving forward, we believe we have the resources to grow our fleet further and maintain our low net financial leverage to our goal of less than 35% of the value of our vessels, which will complement our variable dividend
    policy&#8221;.</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">About the Company</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of four Aframax
    tankers. The Company&#8217;s current fleet of tanker vessels is employed primarily on short to medium term charters with leading energy companies and traders.</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation
    Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives,
    goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of
    1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar
    expressions identify forward-looking statements.</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn,
    upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable
    when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these
    expectations, beliefs or projections.</div>
  <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif;">In addition to these important factors, other important factors that, in our view, could cause actual results to differ
    materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for our vessels, changes
    in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities,
    potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of the novel coronavirus (COVID-19) pandemic and its impact on the demand for seaborne transportation of petroleum
    and other types of products, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more
    complete discussion of these and other risks and uncertainties.</div>
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