<SEC-DOCUMENT>0001140361-23-008890.txt : 20230227
<SEC-HEADER>0001140361-23-008890.hdr.sgml : 20230227
<ACCEPTANCE-DATETIME>20230227163217
ACCESSION NUMBER:		0001140361-23-008890
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20230227
FILED AS OF DATE:		20230227
DATE AS OF CHANGE:		20230227

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:		23675496

	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>ny20007082x4_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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      <div style="font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold; text-align: center;">FORM 6-K</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: normal; text-align: center;">SECURITIES AND EXCHANGE COMMISSION</div>
      <font style="font-weight: normal;"> </font>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: normal; text-align: center;">Washington, D.C. 20549</div>
      <div><br>
      </div>
      <div style="font-weight: bold; text-align: center;">Report of Foreign Private Issuer</div>
      <div style="font-weight: bold; text-align: center;">Pursuant to Rule 13a-16 or 15d-16 of</div>
      <div style="font-weight: bold; text-align: center;">the Securities Exchange Act of 1934</div>
      <div><br>
      </div>
      <div style="font-weight: bold; text-align: center;">For the month of February 2023</div>
      <div><br>
      </div>
      <div style="font-weight: normal; text-align: center;">Commission File Number: 001-35025</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-size: 24pt; font-weight: bold; text-align: center;">PERFORMANCE SHIPPING INC.</div>
      <div style="font-weight: bold; text-align: center;">(Translation of registrant's name into English)</div>
      <div><font style="font-weight: normal;"><br>
        </font> </div>
      <font style="font-weight: normal;"> </font>
      <div style="font-weight: normal; text-align: center;">373 Syngrou Avenue</div>
      <font style="font-weight: normal;"> </font>
      <div style="font-weight: normal; text-align: center;">175 64 Palaio Faliro</div>
      <font style="font-weight: normal;"> </font>
      <div style="font-weight: normal; text-align: center;">Athens, Greece</div>
      <font style="font-weight: normal;"> </font>
      <div style="font-weight: normal; text-align: center;">(Address of principal executive office)</div>
      <font style="font-weight: normal;"> </font>
      <div><font style="font-weight: normal;"><br>
        </font> </div>
      <font style="font-weight: normal;"> </font>
      <div><font style="font-weight: normal;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F o</font>r Form 40-F:</div>
      <div><br>
      </div>
      <div style="font-weight: bold; text-align: center;">Form 20-F [X]&#8195;Form 40-F [&#8194;]</div>
      <div><br>
      </div>
      <div>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): <u>&#8195;&#8195;</u></div>
      <div><br>
      </div>
      <div>Note: 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>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: <u>&#8195;&#8195;</u></div>
      <div><br>
      </div>
      <div>Note: 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> <br>
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      <div>
        <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" align="center"> </div>
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      </div>
      <div style="font-weight: bold; text-align: center;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
      <div><br>
      </div>
      <div>Attached to this Report on Form 6-K (this &#8220;Report&#8221;) as <a href="ny20007082x4_ex99-1.htm">Exhibit 99.1</a> is a copy of the press release of the Company dated February 22, 2023 titled &#8220;Performance Shipping Inc. Announces
        Results of 2023 Annual General Meeting of Shareholders.&#8221;</div>
      <div><br>
      </div>
      <div>Attached to this Report as <a href="ny20007082x4_ex99-2.htm">Exhibit 99.2</a> is a copy of the press release of the Company dated February 23, 2023 titled &#8220;Performance Shipping Inc. Reports Record Fourth Quarter and
        Full Year 2022 Net Income of $23.8 Million and $36.3 Million, Respectively.&#8221;</div>
      <div><br>
      </div>
      <div> Attached to this Report as <a href="ny20007082x4_ex99-3.htm">Exhibit 99.3</a> is a copy of the press release of the Company dated February 27, 2023 titled &#8220;Performance Shipping Inc. Announces Termination of
        At-the-Market Offering.&#8221;<br>
      </div>
      <div> <br>
      </div>
      <div>The information contained in this Report, excluding the statement in Exhibit 99.2 attributed to the Company&#8217;s Chief Executive Officer, is hereby incorporated by reference into 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 &#8220;SEC&#8221;) with an effective date of August 13, 2014, the Company&#8217;s registration statement on Form F-3 (File No. 333-237637), filed with the SEC
        with an effective date of April 23, 2020, the Company&#8217;s registration statement on Form F-3 (File No. 333-266946), filed with the SEC with an effective date of August 29, 2022 and the Company&#8217;s registration statement on Form F-3 (File No.
        333-269449), filed with the SEC with an effective date of February 8, 2023.</div>
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      <div><br>
      </div>
      <div style="font-weight: bold; text-align: center;">SIGNATURES</div>
      <div><br>
      </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><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z70c9e6d55e944a3093add7ef88a248e0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 49.48%; vertical-align: top;">&#160;</td>
            <td style="width: 50.52%; vertical-align: top;">
              <div style="font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
              <div>(Registrant)</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49.48%; vertical-align: top;">
              <div>Dated: February 27, 2023</div>
              <div>&#160;</div>
            </td>
            <td style="width: 50.52%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 49.48%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 50.52%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/ Andreas Michalopoulos</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 49.48%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 50.52%; vertical-align: top;">
              <div>By: Andreas Michalopoulos</div>
              <div>Chief Executive Officer</div>
            </td>
          </tr>

      </table>
      <div><br>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ny20007082x4_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div> <br>
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    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zc70ee0b015bb425a9c2e24513f632a2c" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-style: italic; font-weight: bold;">Corporate Contact:</div>
            <div>Andreas Michalopoulos</div>
            <div>Chief Executive Officer, Director and Secretary</div>
            <div>Telephone: +30-216-600-2400</div>
            <div>Email: amichalopoulos@pshipping.com</div>
            <div>Website: <font style="color: rgb(0, 0, 255);"><u>www.pshipping.com</u></font></div>
          </td>
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    <div><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">For Immediate Release</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z90722b72bd584b65bcf1242a624831e8" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-style: italic; font-weight: bold;">Investor and Media Relations:</div>
            <div>Edward Nebb</div>
            <div>Comm-Counsellors, LLC</div>
            <div>Telephone: + 1-203-972-8350</div>
            <div>Email: <font style="color: rgb(5, 99, 193);"><u>enebb@optonline.net</u></font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PERFORMANCE SHIPPING INC. ANNOUNCES RESULTS OF</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">2023 ANNUAL GENERAL MEETING OF SHAREHOLDERS</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">ATHENS, GREECE, February 22, 2023 - Performance Shipping Inc. (NASDAQ: PSHG), (&#8220;we&#8221; or the &#8220;Company&#8221;), a global shipping company specializing in the ownership of tanker
      vessels, announced that the Company&#8217;s Annual General Meeting of Shareholders (the &#8220;Meeting&#8221;) was duly held on February 22, 2023, in Athens, Greece, pursuant to a Notice of Annual Meeting of Shareholders dated January 24, 2023. Broadridge Financial
      Solutions, Inc. acted as inspector of the Meeting.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">At the Meeting, each of the following proposals, which are set forth in more detail in the Notice of Annual Meeting of Shareholders and the Company's Proxy Statement sent to
      shareholders on or around January 24, 2023, was approved and adopted:</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(1)</font></div>
    <div style="margin: -16px 0px 0px; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">The election of Andreas Michalopoulos and Lo&#239;sa Ranunkel, each as a Class I director, whose term will expire at the
        Company&#8217;s 2026 annual meeting of shareholders; and</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-family: 'Times New Roman',Times,serif;">(2)</font></div>
    <div style="margin: -16px 0px 0px; text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">The appointment of Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A. as the Company's independent
        auditors for the fiscal year ending December 31, 2023.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-weight: bold;">About the Company</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif;">Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages,
      through pool arrangements and on time charters.</div>
    <div><br>
      <div><br>
      </div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ny20007082x4_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.2</font><br>
    </div>
    <div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z8df5a09a70bb441481f7ae7bc04e014d" border="0" cellpadding="0" cellspacing="0">

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            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">Corporate Contact:</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Andreas Michalopoulos</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Chief Executive Officer, Director and Secretary</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Telephone: + 30-216-600-2400</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Email: amichalopoulos@pshipping.com</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Website: <font style="color: #0000FF;"><u>www.pshipping.com</u></font></div>
            </td>
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      <div><br>
      </div>
      <div><u>For Immediate Release</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z17a08b47e60b442dbe6438f6f1e722db" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">Investor and Media Relations:</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Edward Nebb</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Comm-Counsellors, LLC</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Telephone: + 1-203-972-8350</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Email: <font style="color: #0000FF;"><u>enebb@optonline.net</u></font></div>
            </td>
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      </table>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">PERFORMANCE SHIPPING INC. REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2022 NET INCOME OF</div>
      <div style="text-align: center; font-weight: bold;">$23.8 MILLION AND $36.3 MILLION, RESPECTIVELY</div>
      <div><br>
      </div>
      <div style="text-align: justify;">ATHENS, GREECE, February 23, 2023 &#8211; Performance Shipping Inc. (NASDAQ: PSHG) (&#8220;we&#8221; or the &#8220;Company&#8221;), a global shipping company specializing in the ownership of tanker vessels, today reported a record quarterly net
        income from continuing and discontinued operations of $23.8 million and net income from continuing and discontinued operations attributable to common stockholders of $9.4 million for the fourth quarter of 2022. This compared to a net loss from
        continuing and discontinued operations and net loss from continuing and discontinued operations attributable to common stockholders of $2.1 million for the same period in 2021. Earnings per share, basic and diluted, for the fourth quarter of 2022
        was $2.31 and $1.18, respectively, while loss per share for the fourth quarter of 2021 was $6.11.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Revenue from continuing and discontinued operations was $27.8 million ($25.0 million net of voyage expenses) for the fourth quarter of 2022, compared to $9.6 million ($5.4 million net of voyage expenses) for the same
        period in 2021. This increase was attributable to the increased time-charter equivalent rates (TCE rates) achieved during the quarter. Fleetwide, the average time charter equivalent rate for the fourth quarter of 2022 was $40,469, compared with an
        average rate of $13,370 for the same period in 2021. During the fourth quarter of 2022, net cash provided by operating activities of continuing and discontinued operations was $23.7 million, compared with net cash used in operating activities of
        $1.8 million for the fourth quarter of 2021.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Net income from continuing and discontinued operations for the year ended December 31, 2022 amounted to $36.3 million, compared to a net loss from continuing and discontinued operations of $9.7 million for the year
        ended December 31, 2021. Net income from continuing and discontinued operations attributable to common stockholders for the year ended December 31, 2022 amounted to $12.0 million, and resulted in earnings per share, basic and diluted, of $6.49 and
        $3.02, respectively. Net loss from continuing and discontinued operations attributable to common stockholders for the year ended December 31, 2021 amounted to $9.7 million and resulted in a loss per common share of $28.97.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">During the fourth quarter of 2022, the Company issued and sold 140,379 shares of its common stock under its ATM Agreement with Virtu Americas LLC, with an average price per share of $3.59, raising gross proceeds of
        approximately $0.5 million. As of December 31, 2022, the Company had 4,187,588 common shares issued and outstanding.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">1</font></div>
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          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
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      <div><br>
      </div>
      <div style="text-align: justify;">Commenting on the results of the fourth quarter of 2022, Andreas Michalopoulos, the Company&#8217;s Chief Executive Officer, stated:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">&#8220;During the fourth quarter of 2022, tanker market fundamentals continued to improve, supported by new trade patterns emerging in response to continuing sanctions on Russian crude oil exports and shifts in the
        location of new refinery capacity leading to longer haul tanker voyages. We took advantage of the firm tanker charter rate environment, resulting in fleetwide average time charter equivalent rates of $40,469 and $29,579 per day during the fourth
        quarter and twelve months of 2022, respectively. As a result, we generated annual revenues of $75.2 million and annual net income from continuing operations of $36.3 million, a 106% and a 474% increase from the previous fiscal year, respectively.
        Our net income from continuing operations during the fourth quarter alone was $23.8 million, indicating the tightening tanker market conditions during the fourth quarter. Our cash balance at the end of the year was approximately $40 million
        representing 3.2x our current market capitalization. Our basic earnings per share for the last fiscal year compared to our current share price represent a price-to-earnings ratio of approximately 0.4x.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">&#8220;We believe that the tanker market developments since the beginning of 2022 are sustainable through 2023 and beyond. During 2022 we expanded and renewed our fleet with timely acquisitions at values significantly
        below current levels and now own eight younger high-specification Aframax tankers with an average age of 12.1 years. Five of our tankers currently operate under time charter contracts with first-class charterers, earning gross charter rates ranging
        from $23,000 to $45,000 per day. Our secured revenue backlog of approximately $85 million is supplemented by the operation of our remaining vessels under pool arrangements with reputable counterparties earning healthy voyage charter rates,
        indicative of the solid freight rate environment.&#8221;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;"><u>Tanker Market Update for the fourth quarter of 2022:</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4710b1775264fb69cdb5c49215f422e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.1pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Tanker fleet supply was 675.3 million dwt, up 0.7% from 670.8 million dwt from the previous quarter and up 3.5% from Q4 2021 levels of 652.6 million dwt.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd38f54a78d334ef6bb7618df751c2e41" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.1pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Tanker demand in billion tonne-miles is projected to increase by a firm 7.6% in 2023, supported by new trade patterns established as a result of European sanctions on Russian crude oil. As Europe uses alternative sources of crude oil and
                Russia sells to alternative buyers, longer-haul trade routes are emerging, boosting tonne-mile demand.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93f5ab5cb2b1435bb32820c0c374ccd8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.1pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Tanker fleet supply in deadweight terms is estimated to grow by a moderate 1.4% in 2023.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfb9bacbc4e514ce081b0cc0bb34a9743" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.1pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Crude oil tanker fleet utilization was estimated at 80.0%, up from 79.5% in the previous quarter and up from 79.0% in Q4 2021.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za09583dbda9244f2a63eb04e7fdbf22e" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.1pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Newbuilding tanker contracting was just 3.0 million dwt in the fourth quarter, resulting in a tanker orderbook-to-fleet ratio of 4.3%, the lowest level of the past 27 years.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45c4167944c944d7a33b57ea6174b640" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.1pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Daily spot charter rates for Aframax tankers averaged $90,991, up 73.0% from the previous quarter average of $52,610 and up 720.3% from the Q4 2021 average of $11,093.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z64cc2ead6122497da1692a863f7f4650" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.1pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The value of a 10-year-old Aframax tanker at the end of the fourth quarter was $45.0 million, up 7.1% from $42.0 million in the previous quarter, and up 66.7% from $27.0 million in Q4 2021.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z236e901d72674093a7a6cdeb40f83200" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.1pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The number of tankers used for floating storage (excluding dedicated storage) was 148 (23.6 million dwt), down 17.8% from 180 (26.1 million dwt) in the previous quarter and down 15.4% from Q4 2021 levels of 175 (27.4 million dwt).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3bfb33eb18464526acccbe97a3bfebc1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.1pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Global oil consumption was 99.7 million bpd, down 0.7% from the previous quarter level of 100.4 million bpd, and up 0.4% from Q4 2021 levels of 99.3 million bpd.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3b9639cf715342029d685aca5ec401cd" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.1pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Global oil production was 101.4 million bpd, up 0.6% from the previous quarter level of 100.8 million bpd and up 3.1% from Q4 2021 levels of 98.3 million bpd.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z00361369215846f7ac45b6656687e2f1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 5.1pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>OECD commercial inventories were 2,782.7 million barrels, up 1.7% from the previous quarter level of 2,735.2 million barrels, and up 5.4% from Q4 2021 levels of 2,640.2 million barrels.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand,
        fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more
        recent information is not available.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7631785db4674951a0906ee088bf2907" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="10" style="vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000; font-weight: bold;">Summary of Selected Financial &amp; Other Data (Continuing and Discontinued Operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1 </sup>)</div>
              <div style="color: #000000; font-weight: bold;"> <br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td colspan="3" style="vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">For the three months ended December 31,</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td colspan="3" style="vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">For the years ended December 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">2022</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">2021</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">2022</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td colspan="10" style="vertical-align: bottom;">
              <div style="color: #000000; font-weight: bold;">STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">Revenue</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">27,767</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">9,647</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">75,173</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">36,491</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">Voyage expenses</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2,838</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">4,152</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">14,861</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">19,205</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">Vessel operating expenses</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">4,241</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">3,738</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">13,828</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">12,301</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">Net income / (loss)</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">23,837</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">(2,050)</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">36,300</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">(9,706)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">Net income / (loss) attributable to common stockholders</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">9,412</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">(2,050)</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">12,003</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">(9,706)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">Earnings / (Loss) per common share, basic</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">2.31</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">(6.11)</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">6.49</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">(28.97)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">Earnings / (Loss) per common share, diluted</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">1.18</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">(6.11)</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">3.02</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">(28.97)</div>
            </td>
          </tr>
          <tr>
            <td colspan="10" style="vertical-align: bottom;">
              <div style="color: #000000; font-weight: bold;">FLEET DATA</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Average number of vessels</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">6.7</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">5.0</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">5.7</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">5.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Number of vessels</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">8.0</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">5.0</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">8.0</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">5.0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Ownership days</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">616</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">460</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">2,069</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">1,825</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Available days</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">616</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">411</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">2,039</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">1,735</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Operating days (2)</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">590</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">363</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">1,974</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">1,484</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Fleet utilization</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">95.8%</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">88.3%</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">96.8%</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">85.5%</div>
            </td>
          </tr>
          <tr>
            <td colspan="10" style="vertical-align: bottom;">
              <div style="color: #000000; font-weight: bold;">AVERAGE DAILY RESULTS</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">Time charter equivalent (TCE) rate (3)</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">40,469</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">13,370</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">29,579</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">9,963</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">Daily vessel operating expenses (4)</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">6,885</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">8,126</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">6,683</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">6,740</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <hr style="height: 2px; width: 25%; color: #000000; background-color: #000000; margin-left: 0px; margin-right: auto; border: none;" align="left" noshade="noshade"></div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb57fdf228124a2e9b09f84d7dea8904" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">(1)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Discontinued Operations refer to our container vessels segment that we disposed of in 2020.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze3f74ef14f864fd7a0d2c1580d7c34fb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">(2)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire. The specific calculation counts as on-hire the days of the ballast leg of the spot voyages, as long as a charter
                party is in place. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6f6fea2457af44beb8dd1ff42482ff0d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">(3)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Time charter equivalent rates, or TCE rates, are defined as revenue (voyage, time charter and pool revenue), less voyage expenses during a period divided by the number of our available days during the period, which is consistent with
                industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily
                earnings generated by vessels despite changes in the mix of charter types (i.e., voyage (spot) charters, time charters and bareboat charters).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2f904f8c15df4760946100aee837d908" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top;">(4)</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, lubricant costs, tonnage
                taxes, regulatory fees, environmental costs, lay-up expenses and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.</div>
            </td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6b43787adaf84e5b9d5a1c53a9dcf88e" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="7" style="width: 94.3%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">Fleet Employment Profile (As of February 23, 2023)</div>
            </td>
            <td style="width: 5.58%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td colspan="7" style="width: 94.3%; vertical-align: top;">
              <div style="color: #000000;">Performance Shipping Inc.&#8217;s fleet is employed as follows:</div>
            </td>
            <td style="width: 5.58%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 10.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 7.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 10.06%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 46.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 8.24%; vertical-align: bottom; border-bottom: #000000 2px solid;" nowrap="nowrap">&#160;</td>
            <td style="width: 8.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 5.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td rowspan="2" style="width: 10.3%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">Vessel</div>
            </td>
            <td rowspan="2" style="width: 7.27%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">Year of Build</div>
            </td>
            <td rowspan="2" style="width: 10.06%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">Capacity</div>
            </td>
            <td rowspan="2" style="width: 46.67%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">Builder</div>
            </td>
            <td rowspan="2" style="width: 8.24%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000; font-weight: bold;">Vessel Type</div>
            </td>
            <td rowspan="2" style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">Charter Type</div>
            </td>
            <td rowspan="2" style="width: 5.58%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">Notes</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td colspan="7" style="width: 96.97%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">Aframax Tanker Vessels</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="color: #000000;">1</div>
            </td>
            <td style="width: 10.3%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">BLUE MOON</div>
            </td>
            <td style="width: 7.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">2011</div>
            </td>
            <td style="width: 10.06%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">104,623 DWT</div>
            </td>
            <td style="width: 46.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Sumitomo Heavy Industries Marine &amp; Engineering Co., LTD.</div>
            </td>
            <td style="width: 8.24%; vertical-align: bottom; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Crude</div>
            </td>
            <td style="width: 8.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Time-Charter</div>
            </td>
            <td style="width: 5.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="color: #000000;">2</div>
            </td>
            <td style="width: 10.3%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">BRIOLETTE</div>
            </td>
            <td style="width: 7.27%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">2011</div>
            </td>
            <td style="width: 10.06%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">104,588 DWT</div>
            </td>
            <td style="width: 46.67%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Sumitomo Heavy Industries Marine &amp; Engineering Co., LTD.</div>
            </td>
            <td style="width: 8.24%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Crude</div>
            </td>
            <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Time-Charter</div>
            </td>
            <td style="width: 5.58%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="color: #000000;">3</div>
            </td>
            <td style="width: 10.3%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">P. KIKUMA</div>
            </td>
            <td style="width: 7.27%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">2007</div>
            </td>
            <td style="width: 10.06%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">115,915 DWT</div>
            </td>
            <td style="width: 46.67%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Samsung Heavy Industries Co Ltd.</div>
            </td>
            <td style="width: 8.24%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Crude</div>
            </td>
            <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Pool</div>
            </td>
            <td style="width: 5.58%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="color: #000000;">4</div>
            </td>
            <td style="width: 10.3%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">P. YANBU</div>
            </td>
            <td style="width: 7.27%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">2011</div>
            </td>
            <td style="width: 10.06%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">105,391 DWT</div>
            </td>
            <td style="width: 46.67%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Sumitomo Heavy Industries Marine &amp; Engineering Co., LTD.</div>
            </td>
            <td style="width: 8.24%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Crude</div>
            </td>
            <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Time-Charter</div>
            </td>
            <td style="width: 5.58%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="color: #000000;">5</div>
            </td>
            <td style="width: 10.3%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">P. SOPHIA</div>
            </td>
            <td style="width: 7.27%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">2009</div>
            </td>
            <td style="width: 10.06%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">105,071 DWT</div>
            </td>
            <td style="width: 46.67%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Hyundai Heavy Industries Co., LTD</div>
            </td>
            <td style="width: 8.24%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Crude</div>
            </td>
            <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Pool</div>
            </td>
            <td style="width: 5.58%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="color: #000000;">6</div>
            </td>
            <td style="width: 10.3%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">P. ALIKI</div>
            </td>
            <td style="width: 7.27%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">2010</div>
            </td>
            <td style="width: 10.06%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">105,304 DWT</div>
            </td>
            <td style="width: 46.67%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Hyundai Heavy Industries Co., LTD</div>
            </td>
            <td style="width: 8.24%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Product</div>
            </td>
            <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Time-Charter</div>
            </td>
            <td style="width: 5.58%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="color: #000000;">7</div>
            </td>
            <td style="width: 10.3%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">P. MONTEREY</div>
            </td>
            <td style="width: 7.27%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">2011</div>
            </td>
            <td style="width: 10.06%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">105,525 DWT</div>
            </td>
            <td style="width: 46.67%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Hyundai Heavy Industries Co., LTD</div>
            </td>
            <td style="width: 8.24%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Crude</div>
            </td>
            <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Time-Charter</div>
            </td>
            <td style="width: 5.58%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2.91%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="color: #000000;">8</div>
            </td>
            <td style="width: 10.3%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">P. LONG BEACH</div>
            </td>
            <td style="width: 7.27%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">2013</div>
            </td>
            <td style="width: 10.06%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="color: #000000;">105,408 DWT</div>
            </td>
            <td style="width: 46.67%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Hyundai Heavy Industries Co., LTD</div>
            </td>
            <td style="width: 8.24%; vertical-align: bottom; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; color: #000000;">Product</div>
            </td>
            <td style="width: 8.85%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">Pool</div>
            </td>
            <td style="width: 5.58%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>

      </table>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <div>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">About the Company</div>
      <div><br>
      </div>
      <div style="text-align: justify;">Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time
        charters.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
      <div><br>
      </div>
      <div style="text-align: justify;">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, 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, including with respect to the delivery of the vessels we have agreed to acquire.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">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, terms or phrases may identify forward-looking statements.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">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><br>
      </div>
      <div style="text-align: justify;">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, 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, including with
        respect to the vessels we have agreed to acquire, 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 the impact of conflict in Ukraine,
        the imposition of new international sanctions,&#160; &#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>
      <div style="text-align: justify;">(See financial tables attached)</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc4983a4074a845e19adf75eb57e70d11" border="0" cellpadding="0" cellspacing="0">

          <tr>
            <td colspan="10" style="vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: center; color: #000000; font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
            </td>
          </tr>
          <tr>
            <td colspan="10" style="vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: center; color: #000000; font-weight: bold;">FINANCIAL TABLES</div>
            </td>
          </tr>
          <tr>
            <td colspan="10" style="vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: center; color: #000000;">Expressed in thousands of U.S. Dollars, except for share and per share data</div>
            </td>
          </tr>
          <tr>
            <td colspan="10" style="vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: center; color: #000000; font-weight: bold;">CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUING AND DISCONTINUED OPERATIONS)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td colspan="3" style="vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">For the three months ended December 31,</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td colspan="3" style="vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">For the years ended December 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000; font-weight: bold;">2022</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000; font-weight: bold;">2021</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000; font-weight: bold;">2022</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000; font-weight: bold;">2021</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000; font-weight: bold;">REVENUE:</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Revenue</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">27,767</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">9,647</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">75,173</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">36,491</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000; font-weight: bold;">EXPENSES:</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Voyage expenses</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">2,838</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">4,152</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">14,861</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">19,205</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Vessel operating expenses</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">4,241</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">3,738</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">13,828</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">12,301</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">Depreciation and amortization of deferred charges</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">2,715</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">1,912</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">9,281</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">7,472</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">General and administrative expenses</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
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            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
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              <div style="text-align: right; color: #000000;">(9,543)</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(9,543)</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">
              <div style="color: #000000;">Provision for credit losses and write offs</div>
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            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">15</div>
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            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">175</div>
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            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">33</div>
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            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">160</div>
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            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">31</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(48)</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(20)</div>
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            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">31</div>
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            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
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              <div style="text-align: right; color: #000000;">$</div>
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              <div style="text-align: right; color: #000000;">25,424</div>
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              <div style="text-align: right; color: #000000;">(1,750)</div>
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              <div style="text-align: right; color: #000000;">39,982</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
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            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(8,460)</div>
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            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Interest and finance costs</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(1,758)</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(439)</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(3,966)</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(1,801)</div>
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            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Interest income</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">171</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">2</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">284</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">18</div>
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            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Gain from property sale</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">137</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">137</div>
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          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">Other income</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">400</div>
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            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
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            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(1,587)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(300)</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(3,682)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(1,246)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
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            <td colspan="2" style="vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000; font-weight: bold;">Net income / (loss)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
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            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">23,837</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
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            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(2,050)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
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            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">36,300</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
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            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(9,706)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
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            <td colspan="2" style="vertical-align: bottom;">
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            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(2)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(6)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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            <td colspan="2" style="vertical-align: bottom;">
              <div style="color: #000000;">Deemed dividends</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(13,968)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(23,261)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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          <tr>
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              <div style="color: #000000;">Dividends on preferred stock</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(455)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(1,030)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">-</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
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          <tr>
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              <div style="color: #000000; font-weight: bold;">Net income / (loss) attributable to common stockholders</div>
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            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">9,412</div>
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            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(2,050)</div>
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            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">12,003</div>
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            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(9,706)</div>
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          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
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            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
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            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">2.31</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
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            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(6.11)</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
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            </td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">6.49</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(28.97)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
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          <tr>
            <td colspan="2" style="vertical-align: bottom;">
              <div style="color: #000000; font-weight: bold;">Earnings / (Loss) per common share, diluted</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">1.18</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(6.11)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">3.02</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(28.97)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
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          <tr>
            <td colspan="2" style="vertical-align: bottom;">
              <div style="color: #000000; font-weight: bold;">Weighted average number of common shares, basic</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">4,065,977</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">335,513</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">1,850,072</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">335,086</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: bottom;">
              <div style="color: #000000; font-weight: bold;">Weighted average number of common shares,&#160; diluted</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">13,385,425</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">335,513</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">6,447,710</div>
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            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">335,086</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
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      <div><br>
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      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
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      </div>
      <div><br>
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      <div>&#160;</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z691997b18559452f8d64a7df6d003a7a" border="0" cellpadding="0" cellspacing="0">

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              <div>&#160;</div>
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              <div style="text-align: center; color: #000000; font-weight: bold;">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (CONTINUING AND DISCONTINUED OPERATIONS)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td colspan="3" style="vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">For the three months ended December 31,</div>
            </td>
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            <td colspan="3" style="vertical-align: bottom;">
              <div style="text-align: center; color: #000000; font-weight: bold;">For the years ended December 31,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000; font-weight: bold;">2022</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000; font-weight: bold;">2021</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000; font-weight: bold;">2022</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000; font-weight: bold;">2021</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000; font-weight: bold;">Net income / (loss)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">23,837</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(2,050)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">36,300</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(9,706)</div>
            </td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: bottom;">
              <div style="color: #000000;">Other comprehensive income/ (loss) (Actuarial gain/ (loss))</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">68</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(10)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">68</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(10)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 2%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" nowrap="nowrap">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000; font-weight: bold;">Comprehensive income / (loss)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">23,905</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(2,060)</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">36,368</div>
            </td>
            <td style="width: 1.7%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(9,716)</div>
            </td>
          </tr>
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            <td style="width: 58%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom;">&#160;</td>
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              <div style="text-align: right; color: #000000;">39,726</div>
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              <div style="text-align: right; color: #000000;">9,574</div>
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              <div style="text-align: right; color: #000000;">72</div>
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              <div style="text-align: right; color: #000000;">151</div>
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            <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">16,574</div>
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            <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">12,163</div>
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              <div style="text-align: right; color: #000000;">292,979</div>
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            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">$</div>
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            <td style="width: 18%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">144,924</div>
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            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 58%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);">&#160;</td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);">&#160;</td>
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            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom;">&#160;</td>
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            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 58%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
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              <div style="text-align: center; color: #000000;">$</div>
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              <div style="text-align: right; color: #000000;">127,675</div>
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            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">$</div>
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              <div style="text-align: right; color: #000000;">49,898</div>
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              <div style="text-align: justify; color: #000000;">&#160;Other liabilities</div>
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            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">9,599</div>
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            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom;">
              <div style="text-align: right; color: #000000;">7,677</div>
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            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">155,705</div>
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            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">87,349</div>
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            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 58%; vertical-align: bottom;" nowrap="nowrap">
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            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">$</div>
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            <td style="width: 18%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">292,979</div>
            </td>
            <td style="width: 1.72%; vertical-align: bottom;">
              <div style="text-align: center; color: #000000;">$</div>
            </td>
            <td style="width: 18%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0);">
              <div style="text-align: right; color: #000000;">144,924</div>
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          <tr>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 58%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);">&#160;</td>
            <td style="width: 1.72%; vertical-align: bottom;">&#160;</td>
            <td style="width: 18%; vertical-align: bottom; border-top: 4px double rgb(0, 0, 0);">&#160;</td>
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              <div style="color: #000000;">* The balance sheet data as of December 31, 2021 has been derived from the audited consolidated financial statements at that date.</div>
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              <div style="color: #000000; font-weight: bold;">OTHER FINANCIAL DATA (CONTINUING AND DISCONTINUED OPERATIONS)</div>
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            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 42%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom;">&#160;</td>
            <td style="width: 1.68%; vertical-align: bottom;">&#160;</td>
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              <div style="text-align: center; color: #000000; font-weight: bold;">For the three months ended December 31,</div>
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              <div style="text-align: center; color: #000000; font-weight: bold;">For the years ended December 31,</div>
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            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
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            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">2022</div>
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            <td style="width: 1.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">2021</div>
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            <td style="width: 1.67%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">2022</div>
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            <td style="width: 12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000; font-weight: bold;">2021</div>
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          <tr>
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            <td style="width: 42%; vertical-align: bottom;" nowrap="nowrap">&#160;</td>
            <td style="width: 1.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.68%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.67%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; color: #000000;">(unaudited)</div>
            </td>
            <td style="width: 1.67%; vertical-align: bottom;">&#160;</td>
            <td style="width: 12%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
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          <tr>
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              <div style="text-align: justify; color: #000000;">&#160;Net Cash provided by / (used in) Operating Activities</div>
            </td>
            <td style="width: 1.68%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
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            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">23,680</div>
            </td>
            <td style="width: 1.68%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(1,790)</div>
            </td>
            <td style="width: 1.67%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">33,847</div>
            </td>
            <td style="width: 1.67%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(3,123)</div>
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          <tr>
            <td colspan="2" style="vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">&#160;Net Cash provided by / (used in) Investing Activities</div>
            </td>
            <td style="width: 1.68%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(78,121)</div>
            </td>
            <td style="width: 1.68%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">1,070</div>
            </td>
            <td style="width: 1.67%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(112,950)</div>
            </td>
            <td style="width: 1.67%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
            </td>
            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(770)</div>
            </td>
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          <tr>
            <td colspan="2" style="vertical-align: bottom;">
              <div style="text-align: justify; color: #000000;">&#160;Net Cash provided by / (used in) Financing Activities</div>
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            <td style="width: 1.68%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
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            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">58,705</div>
            </td>
            <td style="width: 1.68%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
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            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(1,978)</div>
            </td>
            <td style="width: 1.67%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
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            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">109,255</div>
            </td>
            <td style="width: 1.67%; vertical-align: bottom;" nowrap="nowrap">
              <div style="color: #000000;">$</div>
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            <td style="width: 12%; vertical-align: bottom;" nowrap="nowrap">
              <div style="text-align: right; color: #000000;">(7,911)</div>
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  <div class="BRPFPageNumberArea" style="text-align: center;"><font class="BRPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ny20007082x4_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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      <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-style: normal;">Exhibit 99.3</font><br>
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    <div style="text-indent: 216pt; font-size: 12pt; font-style: italic; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: 216pt; font-size: 12pt; font-style: italic; font-weight: bold;">Corporate Contact:</div>
    <div style="text-indent: 216pt; font-size: 12pt;">Andreas Michalopoulos</div>
    <div style="text-indent: 216pt; font-size: 12pt;">Chief Executive Officer, Director and Secretary&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="text-indent: 216pt; font-size: 12pt;">Telephone: +30-216-600-2400</div>
    <div style="text-indent: 216pt; font-size: 12pt;">Email: <font style="color: #0000FF;"><u>amichalopoulos@pshipping.com</u></font></div>
    <div style="text-align: justify; text-indent: 216pt; font-size: 12pt;">Website: <font style="color: #0000FF;"><u>www.pshipping.com</u></font></div>
    <div style="font-size: 12pt;">For Immediate Release</div>
    <div style="text-indent: 216pt; font-size: 12pt; font-style: italic; font-weight: bold;">Investor and Media Relations:</div>
    <div style="text-indent: 216pt; font-size: 12pt;">Edward Nebb</div>
    <div style="text-indent: 216pt; font-size: 12pt;">Comm-Counsellors, LLC</div>
    <div style="text-indent: 216pt; font-size: 12pt;">Telephone: + 1-203-972-8350</div>
    <div style="text-indent: 216pt; font-size: 12pt;">Email: enebb@optonline.net</div>
    <div>&#160;</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">PERFORMANCE SHIPPING INC. ANNOUNCES</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">TERMINATION OF AT-THE-MARKET OFFERING</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-size: 12pt;">ATHENS, GREECE, February 27, 2023 &#8211; Performance Shipping Inc. (NASDAQ: PSHG), (&#8220;we&#8221; or the &#8220;Company&#8221;), a global shipping company specializing in the
      ownership of tanker vessels, today announced that it has provided notice of termination of the ATM Sales Agreement with Virtu Americas LLC dated December 9, 2022 (the &#8220;ATM Agreement&#8221;). The Company is terminating the ATM Agreement because it does not
      intend to raise additional capital or sell additional shares under the ATM Agreement.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-size: 12pt;">Prior to termination, the Company issued and sold 365,196 shares of its common stock under the ATM Agreement at an average price per share of US$3.30,
      raising total gross proceeds of approximately US$1.2 million.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-size: 12pt; font-weight: bold;">About the Company</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-size: 12pt;">Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet
      on spot voyages, through pool arrangements and on time charters.</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-size: 12pt;">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, 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, including with respect to the delivery of the vessels we have agreed to acquire.</div>
    <div>&#160;</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;will,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;targets,&#8221;
      &#8220;likely,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; &#8220;seeks,&#8221; &#8220;continue,&#8221; &#8220;possible,&#8221; &#8220;might,&#8221; &#8220;pending&#8221; and similar expressions, terms or phrases may identify forward-looking statements.</div>
    <div>&#160;</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>&#160;</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, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in
      the tanker shipping industry, 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, drydocking and insurance costs, our future
      operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, 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;, armed conflicts including the war in Ukraine, the imposition of new international sanctions, 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.
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