<SEC-DOCUMENT>0000919574-22-000424.txt : 20220121
<SEC-HEADER>0000919574-22-000424.hdr.sgml : 20220121
<ACCEPTANCE-DATETIME>20220121170358
ACCESSION NUMBER:		0000919574-22-000424
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220131
FILED AS OF DATE:		20220121
DATE AS OF CHANGE:		20220121

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:		22546660

	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>d9166369_6-k.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel
         Document created using EDGARfilings PROfile 8.0.0.0
         Copyright 1995 - 2022 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: center; font-weight: bold;">FORM 6-K</div>
  <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION<br>
    WASHINGTON, D.C. 20549</div>
  <div><br>
  </div>
  <div style="text-align: center; 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><br>
  </div>
  <div style="text-align: center;">For the month of January 2022</div>
  <div style="text-align: center;">Commission File Number: 001-35025</div>
  <div><br>
  </div>
  <div style="text-align: center;"><font style="font-weight: bold;">PERFORMANCE SHIPPING INC.</font><br>
    (Translation of registrant's name into English)</div>
  <div style="text-align: center;">373 Syngrou Avenue, 175 64 Palaio Faliro, Athens, Greece<br>
    (Address of principal executive office)</div>
  <div><br>
  </div>
  <div style="text-align: justify;">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><br>
  </div>
  <div style="text-align: justify;">Form 20-F [X]&#160; &#160; &#160;&#160; Form 40-F [&#160; ]</div>
  <div><br>
  </div>
  <div style="text-align: justify;">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><br>
  </div>
  <div style="text-align: justify;"><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><br>
  </div>
  <div style="text-align: justify;">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><br>
  </div>
  <div style="text-align: justify;"><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>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">Attached to this Report on Form 6-K as Exhibit 99.1 is a press release dated January 21, 2022 of Performance Shipping Inc. (the &#8220;Company&#8221;) announcing (i) the date for the Company's 2022 Annual General
    Meeting of Shareholders and (ii) proposed changes to the Company&#8217;s Board of Directors.</div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 36pt;">The information contained in this Report on Form 6-K, excluding the included quote by Mr. Symeon Palios, 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>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
  </div>
  <div><br>
  </div>
  <div>
    <div>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>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
  <div style="text-align: center;">(registrant)</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z1d10f68b47dd42758c8e246d991d6935" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 53.99%; vertical-align: top;">
          <div>Dated: January 21, 2022</div>
        </td>
        <td style="width: 6.36%; vertical-align: top;">
          <div>By:</div>
        </td>
        <td style="width: 39.65%; vertical-align: top; border-bottom: 2px solid black;">
          <div>/s/ Andreas Michalopoulos</div>
        </td>
      </tr>
      <tr>
        <td style="width: 53.99%; vertical-align: top;">&#160;</td>
        <td style="width: 6.36%; vertical-align: top;">&#160;</td>
        <td style="width: 39.65%; vertical-align: top;">
          <div>Andreas Michalopoulos</div>
        </td>
      </tr>
      <tr>
        <td style="width: 53.99%; vertical-align: top;">&#160;</td>
        <td style="width: 6.36%; vertical-align: top;">&#160;</td>
        <td style="width: 39.65%; vertical-align: top;">
          <div>Chief Executive Officer</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: right;"><u>Exhibit 99.1</u></div>
  <div><br>
  </div>
  <table cellspacing="0" cellpadding="0" id="z797e2a0ffd88484298d54cd274c54e04" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

      <tr>
        <td style="width: 100%; vertical-align: top;">
          <div style="font-size: 12pt; font-style: italic; font-weight: bold;">Corporate Contact:</div>
          <div style="font-size: 12pt;">Andreas Michalopoulos</div>
          <div style="font-size: 12pt;">Chief Executive Officer, Director and Secretary</div>
          <div style="font-size: 12pt;">Telephone: + 30-216-600-2400</div>
          <div style="font-size: 12pt;">Email: amichalopoulos@pshipping.com</div>
          <div style="font-size: 12pt;">Website: www.pshipping.com</div>
        </td>
      </tr>
      <tr>
        <td style="width: 100%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 100%; vertical-align: top;">
          <div style="font-size: 12pt; font-style: italic; font-weight: bold;">Investor and Media Relations:</div>
          <div style="font-size: 12pt;">Edward Nebb</div>
          <div style="font-size: 12pt;">Comm-Counsellors, LLC</div>
          <div style="font-size: 12pt;">Telephone: + 1-203-972-8350</div>
          <div style="font-size: 12pt;">Email: enebb@optonline.net</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">PERFORMANCE SHIPPING INC. ANNOUNCES DATE FOR ITS</div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;">2022 ANNUAL GENERAL MEETING OF SHAREHOLDERS AND PROPOSED CHANGES TO BOARD OF DIRECTORS</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">ATHENS, GREECE, January 21, 2022 - Performance Shipping Inc. (NASDAQ: PSHG), (the &#8220;Company&#8221;), a global shipping company specializing in the ownership of tanker vessels, announced today that its Board of
    Directors (the &#8220;Board&#8221;) has scheduled the Company&#8217;s 2022 annual general meeting of shareholders (the &#8220;2022 AGM&#8221;) for February 28, 2022. The Board has set a record date for the 2022 AGM of January 25, 2022.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">Separately, the Company announces that its Board has approved changes to the composition of the Board, including the nomination of Alex Papageorgiou, Mihalis Boutaris and Lo&#239;sa Ranunkel for election as
    independent directors at the 2022 AGM. Their biographies are set forth below and will be included in the 2022 AGM proxy statement that is expected to be distributed to shareholders on or around February 3, 2022.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">The Board has also determined that reducing the size of the Board from seven to five members will provide cost savings to the Company. For that reason, Messrs. Reidar Brekke and Antonios Karavias will be
    retiring from their director positions effective as of the 2022 AGM.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">With the election of these newly-nominated directors at the 2022 AGM, the Board will consist of five members, of which the majority are independent and two are women. This reflects the Company&#8217;s
    commitment to driving positive change and will exceed the recently-adopted Nasdaq board diversity objectives well ahead of the effective date of those listing rules.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">This renewal of the Board, together with the appointment of current director Aliki Paliou to the position of Chairperson of the Board, will result in a Board with increased gender diversity, reduced
    average age and diverse professional experience, all of which the Company believes will further strengthen its governance.</div>
  <br>
  <div style="text-align: justify; font-size: 12pt;">These changes to the Board will take effect as of the 2022 AGM, enabling a smooth transition. In addition to the three new independent directors nominated for election at the 2022 AGM, continuing
    directors Andreas Michalopoulos and Aliki Paliou will remain on the Board, with Aliki Paliou serving as Chairperson.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">The Company&#8217;s senior executive management team, consisting of its Chief Executive Officer, Mr. Andreas Michalopoulos, and its Chief Financial Officer, Mr. Anthony Argyropoulos, will remain unchanged.
    They will continue to work closely with the Company&#8217;s Board during the current challenging times for the tanker market.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">Commenting on the transition, the current Chairman, Mr. Symeon Palios, said:</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">&#8220;The proposed changes to Performance Shipping Inc.&#8217;s Board of Directors represent an exciting opportunity for the Company to benefit from diverse areas of expertise and perspectives of the new nominees.
    The Company is grateful for the valuable contributions of the current Board members who were instrumental in transitioning the Company into the tanker market and helping us navigate a challenging time in the tanker sector.&#8221;&#160; Mr. Palios continued, &#8220;I
    have great confidence in the appointment of Ms. Aliki Paliou to Chairperson of the Board, who through her wealth of experience, integrity, and judgment will continue to deliver shareholder value.&#8221;</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">Set forth below is biographical information for the three new nominees:</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;"><u>Alex Papageorgiou:</u> Mr. Papageorgiou, age 49, has over 25 years of experience in banking, capital markets, real estate, and shipping. Mr. Papageorgiou previously served as the Chief Executive
    Officer of Hystead Limited, a retail real estate company with over Euro 750 million in shopping mall assets located throughout Southeast Europe. He was also the founder and Chief Executive Officer of Assos Capital Limited, a real estate private equity
    firm focused on real estate in Southeast Europe, as well as Assos Property Management EOOD, a leading retail property management company in Bulgaria. He served as a Director of Seanergy Maritime Corp. (now Seanergy Maritime Holdings Corp.) from
    December 2008 to November 2009. From 2007 to 2008, he served as a non-executive Director at First Business Bank in Athens, Greece. Between March&#160;2005 and May&#160;2006, he was the chief financial officer of Golden Energy Marine Corp., an international
    shipping company transporting a variety of crude oil and petroleum products based in Athens, Greece. From March&#160;2004 to March&#160;2005, Mr.&#160;Papageorgiou served as a director in the equities group in the London office of Citigroup Global Markets Inc., where
    he was responsible for the management and development of Citigroup&#8217;s Portfolio Products business in the Nordic region. From March&#160;2001 to March&#160;2004, Mr.&#160;Papageorgiou served as a vice president in the equities group in the London office of Morgan
    Stanley &amp; Co., where he was responsible for Portfolio Product sales and sales-trading coverage for the Nordic region and the Dutch institutional client base. From April&#160;1997 to March&#160;2001, he was an associate at J.P. Morgan Securities Ltd. in the
    Fixed Income and Investment Banking divisions. Mr.&#160;Papageorgiou holds an MSC in Shipping, Trade and Finance from City University Business School in London, UK and a BA (Hons) in Business Economics from Vrije Universiteit in Brussels, Belgium. &#160;</div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;"><u>Mihalis Boutaris:</u>&#160; Mr. Boutaris, age 47, currently acts as an advisor to the National Centre of Scientific Research &#8220;Demokritos&#8221; and is an independent non-executive Director to the Board of Yalco,
    a public company listed in the Athens Stock Exchange. Mr. Boutaris serves as the Co-Founder and Vice-President of Kir-Yianni, a 5th-generation Greek winery, and he has worked in the wine industry of Greece, France, Chile, California, and China. Mr.
    Boutaris established XiYuan, a Chinese vineyard based in Shanghai, producing premium wine and a sustainable distribution network for Greek wines in the Asia Pacific region. Out of his passion for innovation, he has launched Athroa, a venture studio
    bringing to market deep-tech inventions including a novel eco-friendly biopesticide, a small hydroelectric power plant, and the first concentrated solar power plant in Greece. Mr. Boutaris began his independent career as a management consultant at the
    Boston Consulting Group from March 2006 to September 2007. He graduated with a bachelor&#8217;s degree from Harvard University in philosophy and holds an M.Sc. in horticulture from the University of California. He served in the Greek Marine Corps and
    co-founded Arcturos, a prominent wildlife NGO.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;"><u>Lo&#239;sa Ranunkel:</u> Ms. Ranunkel, age 44, is an experienced insurance broker specializing in Trade Credit and Political Risks. Since 2018, she has been involved in overseeing the creation and the
    development of the Political Risks Insurance (PRI) department at AU Group in Paris, a historical and world-leading broker specializing in securing and financing trade receivables. From 2014 to 2018, she worked as a certified Political and Trade Credit
    Risks Insurance Broker in Greece with clients based in Greece and abroad, focusing on the construction industry, defense industry, renewable energies, and shipbuilding. Ms. Ranunkel began her career in the PRI market in 2006, when she was appointed
    manager of the Alcatel-Lucent global Political and Commercial Risks program. Before entering the PRI market, she worked at HSBC Investment Bank as an information and communication expert and spent six years as a business development officer at Egis
    Group &#8211; BDPA, a consulting firm specializing in international development assistance.&#160;Ms. Ranunkel holds an MBA from the IAE &#8211; Paris Sorbonne.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt; font-weight: bold;">About the Company</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of Aframax tankers. The Company&#8217;s current fleet is employed on spot voyages, time charters, and
    through pool arrangements.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements include, but are not limited to, 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><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">The words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;intends,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;pending&#8221; and similar expressions, terms or phrases may identify
    forward-looking statements.</div>
  <div><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">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&#8217;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><br>
  </div>
  <div style="text-align: justify; font-size: 12pt;">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
    consummation of the exchange offer described in Schedule TO, which has been filed with the U.S. Securities and Exchange Commission, the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including
    fluctuations in charter hire rates and vessel values, changes in demand for our vessels, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew
    costs, dry-docking and insurance costs, our future operating or financial results, 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 epidemics and pandemics, including the ongoing outbreak of the novel coronavirus (COVID-19) and its impact on the demand for seaborne transportation
    of petroleum and other types of products, 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 or
    events, including &#8220;trade wars&#8221;, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important
    factors. Please see our filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.</div>
  <div><br>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
