<SEC-DOCUMENT>0001140361-23-038323.txt : 20230807
<SEC-HEADER>0001140361-23-038323.hdr.sgml : 20230807
<ACCEPTANCE-DATETIME>20230807163118
ACCESSION NUMBER:		0001140361-23-038323
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230807
FILED AS OF DATE:		20230807
DATE AS OF CHANGE:		20230807

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:		231148022

	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>brhc20057136_6k.htm
<DESCRIPTION>6-K
<TEXT>
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    <div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">FORM 6-K</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt;">Washington, D.C. 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Report of Foreign Private Issuer</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Pursuant to Rule 13a-16 or 15d-16 of</div>
      <div style="text-align: center; color: #000000; font-weight: bold;">the Securities Exchange Act of 1934</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">For the month of August 2023</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000;">Commission File Number: 001-35025</div>
      <div><br>
      </div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt; font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
      <div style="text-align: center; color: #000000;">(Translation of registrant's name into English)</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000;">373 Syngrou Avenue</div>
      <div style="text-align: center; color: #000000;">175 64 Palaio Faliro</div>
      <div style="text-align: center; color: #000000;">Athens, Greece</div>
      <div style="text-align: center; color: #000000;">(Address of principal executive office)</div>
      <div><br>
      </div>
      <div style="color: #000000;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</div>
      <div><br>
      </div>
      <div style="text-align: center; color: #000000; font-weight: bold;">Form 20-F &#9746; Form 40-F &#9744;</div>
      <div><br>
      </div>
      <div style="color: #000000;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as</div>
      <div style="color: #000000;">permitted by Regulation S-T Rule 101(b)(1): ___</div>
      <div><br>
      </div>
      <div style="color: #000000;">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 style="color: #000000;">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: ___</div>
      <div><br>
      </div>
      <div style="color: #000000;">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>
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        <hr align="center" 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;"></div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">Attached to this report on Form 6-K (this &#8220;Report&#8221;) as <a href="brhc20057136_ex99-1.htm">Exhibit
          99.1</a> is a copy of the press release of Performance Shipping Inc. (the &#8220;Company&#8221;) dated August 7, 2023 titled, &#8220;Performance Shipping Inc. Announces Entry Into New Revolving Credit Facility With Nordea Bank At Favorable Terms Resulting In No
        Debt Maturities Prior To Mid-2027.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; color: #000000;">The information contained in this Report on Form 6-K (excluding the statements attributed to the Company&#8217;s Chief Executive Officer) is hereby incorporated by reference into the
        Company&#8217;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.
        333-266946), 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. 333-271398), filed with the SEC with an effective date of May 4, 2023.</div>
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      <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURES</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">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 cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc8a9fba12a6941afa43236d829fd5691">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">PERFORMANCE SHIPPING INC.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: #000000;">(Registrant)</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Dated: August 7, 2023</div>
            </td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: #000000;"><u>/s/ Andreas Michalopoulos</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: #000000;">By: Andreas Michalopoulos</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 50%; vertical-align: top;">
              <div style="color: #000000;">Chief Executive Officer</div>
            </td>
          </tr>

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      <div> <br>
      </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc20057136_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>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="zda253f7d01b64898a1c90be8f864dc09" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

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            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-style: italic; font-weight: bold;">Corporate Contact:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Andreas Michalopoulos</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Chief Executive Officer, Director and Secretary</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Telephone: +30-216-600-2400</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Email: <u>amichalopoulos@pshipping.com</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Website: <u>www.pshipping.com</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          </tr>
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            <td style="width: 60%; vertical-align: top;">
              <div>For Immediate Release</div>
            </td>
            <td style="width: 40%; vertical-align: top; color: rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-style: italic; font-weight: bold; color: rgb(0, 0, 0);">Investor and Media Relations:</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Edward Nebb</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Comm-Counsellors, LLC</div>
            </td>
          </tr>
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            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Telephone: + 1-203-972-8350</div>
            </td>
          </tr>
          <tr>
            <td style="width: 60%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div style="color: rgb(0, 0, 0);">Email: <u>enebb@optonline.net</u></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: center; font-weight: bold;">PERFORMANCE SHIPPING INC. ANNOUNCES ENTRY INTO NEW REVOLVING CREDIT FACILITY WITH NORDEA BANK AT FAVORABLE TERMS RESULTING IN NO DEBT MATURITIES
        PRIOR TO MID-2027</div>
      <div>&#160;</div>
      <div style="text-align: justify;">ATHENS, GREECE, August 7, 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 successfully refinanced its existing loan facility dated July 24, 2019, by entering into an agreement for a Revolving Credit Facility (the &#8220;RCF&#8221;) of up to US$20,000,000 with Nordea Bank Abp, filial i Norge
        (&#8220;Nordea&#8221;), through separate wholly-owned subsidiaries of the Company, thereby extending the loan&#8217;s maturity date to 5 years from the signing of the agreement.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Proceeds from the new RCF will be used first towards payment of the currently outstanding indebtedness of US$18.8 million under the previously existing loan agreement
        with Nordea, secured by first priority mortgages over the M/T P. Blue Moon and M/T P. Briolette, and second towards payment of the Company&#8217;s general corporate and working capital requirements. The RCF, maturing in 2028, will be repayable in
        quarterly instalments of US$833,332 for a period of 5 years and will carry an interest rate of SOFR plus 2.50% per annum, reducing the financing cost for the Company compared to the previously existing loan agreement.The flexible structure of this
        RCF provides the Company with the ability to optimize the drawdown timing and repayment schedule based on prevailing market conditions and circumstances.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Commenting on the RCF, Andreas Michalopoulos, the Company&#8217;s Chief Executive Officer, stated:</div>
      <div>
        <div><br>
        </div>
        <div style="text-align: justify;">&#160;&#8220;Our entry into this agreement with Nordea is indicative of the strong long-term relationships we maintain with our lenders. Their commitment and continued support
          of our Company are clearly reflected in the competitive terms and flexible structure of this revolving credit facility. By extending the previously existing loan facility until 2028, we enhance our liquidity position significantly, with no other
          loan maturities scheduled prior to July 2027. The revolving structure allows us to redraw, subject to a loan-to-value ratio, up to the full amount of the facility at any time. The market&#8217;s positive expectations of a sustainable tanker freight
          rate environment, coupled with our lender&#8217;s confidence in our Company&#8217;s strong financial position, are evident through this agreement. We are excited about the opportunities this refinancing brings and remain committed to delivering value to our
          shareholders.</div>
        <div><br>
        </div>
      </div>
      <div>
        <div style="text-align: justify;">&#8220;As previously announced, these recent developments have positioned our Company favorably to capitalize on our robust balance sheet. This is showcased through the
          implementation and continued progress of our US$2 million share buyback program, which we strongly believe is in the best interests of both our Company and our shareholders.&#8221;</div>
        <div><br>
        </div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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      <div style="text-align: justify; font-weight: bold;">About the Company</div>
      <div>&#160;</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>&#160;</div>
      <div style="text-align: justify; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
      <div>&#160;</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. 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;">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;">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.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="text-align: justify;"> <br>
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