<SEC-DOCUMENT>0001104659-24-038822.txt : 20240326
<SEC-HEADER>0001104659-24-038822.hdr.sgml : 20240326
<ACCEPTANCE-DATETIME>20240326095205
ACCESSION NUMBER:		0001104659-24-038822
CONFORMED SUBMISSION TYPE:	SC TO-T/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240326
DATE AS OF CHANGE:		20240326
GROUP MEMBERS:		GEORGE ECONOMOU
GROUP MEMBERS:		MARYPORT NAVIGATION CORP.

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Performance Shipping Inc.
		CENTRAL INDEX KEY:			0001481241
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86020
		FILM NUMBER:		24781346

	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

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Performance Shipping Inc.
		CENTRAL INDEX KEY:			0001481241
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC TO-T/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86020
		FILM NUMBER:		24781345

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sphinx Investment Corp.
		CENTRAL INDEX KEY:			0001990966
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC TO-T/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O LEVANTE SERVICES LIMITED
		STREET 2:		LEOFOROS EVAGOROU 31 2ND FL OFF 21 1066
		CITY:			NICOSIA
		STATE:			G4
		ZIP:			1066
		BUSINESS PHONE:		35722010610

	MAIL ADDRESS:	
		STREET 1:		C/O LEVANTE SERVICES LIMITED
		STREET 2:		LEOFOROS EVAGOROU 31 2ND FL OFF 21 1066
		CITY:			NICOSIA
		STATE:			G4
		ZIP:			1066
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC TO-T/A
<SEQUENCE>1
<FILENAME>tm249776d1_sctota.htm
<DESCRIPTION>SC TO-T/A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>_______________________________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(RULE 14d-100)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tender Offer Statement under Section 14(d)(1)
or 13(e)(1)<BR>
of the Securities Exchange Act of 1934&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. 5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>_______________________________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Performance
Shipping Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Subject Company (Issuer))</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>_______________________________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Sphinx
Investment Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Offeror)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Maryport
Navigation Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Parent of Offeror)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>George
Economou</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Affiliate of Offeror)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Names of Filing Persons)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>_______________________________________</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #212529"><FONT STYLE="text-transform: uppercase; background-color: white"><B>Common
shares, $0.01 par value</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: #212529; background-color: white"><B>(including
the associated Preferred stock purchase rights)</B></FONT><B><FONT STYLE="text-transform: uppercase"><BR>
</FONT>(Title of Class of Securities)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Y67305105<BR>
(CUSIP Number of Class of Securities) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">_______________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Kleanthis Spathias</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>c/o Levante Services Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Leoforos Evagorou 31, 2<SUP>nd</SUP>&nbsp;Floor,
Office 21 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1066 Nicosia, Cyprus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+35 722 010610</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number of person authorized
to receive notices and communications on behalf of filing persons)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">_______________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>With a copy to</I></B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Richard M. Brand</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Kiran S. Kadekar<BR>
Cadwalader, Wickersham &amp; Taft LLP<BR>
200 Liberty Street<BR>
New York, NY 10281<BR>
(212) 504-6000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">_______________________________________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Check the box if the filing
relates solely to preliminary communications made before the commencement of a tender offer.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Check the appropriate boxes below to designate
any transactions to which the statement relates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">third-party tender offer subject
to Rule 14d-1.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">issuer tender offer subject to
Rule 13e-4.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">going-private transaction subject
to Rule 13e-3.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">amendment to Schedule 13D under
Rule 13d-2.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Check the following box if the filing is a final amendment
reporting the results of the tender offer: <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If applicable, check the appropriate box(es) below
to designate the appropriate rule provision(s) relied upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rule 13e-4(i) (Cross-Border Issuer
Tender Offer)</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rule 14d-1(d) (Cross-Border Third-Party
Tender Offer)</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>As permitted by General Instruction G to Schedule
TO, this Schedule TO is also Amendment No. 10 to the Schedule 13D filed by Sphinx Investment Corp. (the &ldquo;<U>Offeror</U>&rdquo;),
Maryport Navigation Corp. and Mr. George Economou on August 25, 2023 (and amended on August 31, 2023, September 5, 2023 and September
15, 2023, amended twice on each of October 11, 2023 and October 30, 2023, and amended on November 15, 2023 and December 5, 2023) in respect
of the Common Shares of the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">CUSIP
No. Y67305105</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sphinx Investment Corp.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">SEC Use Only</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source of Funds (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WC</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship or Place of Organization</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Republic of the Marshall Islands</P></TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="4" STYLE="padding-right: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beneficially</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Owned by</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reporting</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Person With</P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class Represented by Amount in Row (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.4%**</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P></TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* All reported Common Shares are held by Sphinx
Investment Corp. Sphinx Investment Corp. is a wholly-owned subsidiary of Maryport Navigation Corp., which is a Liberian company controlled
by Mr. Economou.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** Based on the <FONT STYLE="background-color: white">12,279,676
</FONT>Common Shares stated by the Issuer as being outstanding as at <FONT STYLE="background-color: white">March 6, 2024</FONT> in <FONT STYLE="background-color: white">Exhibit
99.1 to Form 6-K</FONT> filed with the United States Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) on <FONT STYLE="background-color: white">March
8, 2024</FONT> (the &ldquo;<FONT STYLE="background-color: white"><U>Form 6-K</U></FONT>&rdquo;).&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">CUSIP
No. Y67305105</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Maryport Navigation Corp.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">SEC Use Only</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source of Funds (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AF</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship or Place of Organization</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liberia</P></TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="4" STYLE="padding-right: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beneficially</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Owned by</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reporting</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Person With</P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class Represented by Amount in Row (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.4%**</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CO</P></TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* All reported Common Shares are held by Sphinx
Investment Corp. Sphinx Investment Corp. is a wholly-owned subsidiary of Maryport Navigation Corp., which is a Liberian company controlled
by Mr. Economou.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** Based on the <FONT STYLE="background-color: white">12,279,676</FONT>
Common Shares stated by the Issuer as being outstanding as at <FONT STYLE="background-color: white">March 6, 2024</FONT> in its <FONT STYLE="background-color: white">Form
6-K</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">CUSIP No. Y67305105</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="6">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Names of Reporting Persons</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">George Economou</P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt">Check the Appropriate Box if a Member of a Group (See Instructions)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">SEC Use Only</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source of Funds (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">AF</P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizenship or Place of Organization</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Greece</P></TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="4" STYLE="white-space: nowrap; padding-right: 5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beneficially</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Owned by</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reporting</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Person With</P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">7.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">8.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Voting Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">9.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sole Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">0</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">10.</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shared Dispositive Power</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">11.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggregate Amount Beneficially Owned by Each Reporting Person</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1,033,859*</P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">12.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt"><FONT STYLE="font-size: 10pt">Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) <FONT STYLE="font-family: Wingdings">o</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">13.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Percent of Class Represented by Amount in Row (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.4%**</P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-size: 10pt">14.</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-bottom: 0.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Type of Reporting Person (See Instructions)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN</P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 3%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* All reported Common Shares are held by Sphinx
Investment Corp. Sphinx Investment Corp. is a wholly-owned subsidiary of Maryport Navigation Corp., which is a Liberian company controlled
by Mr. Economou.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** Based on the <FONT STYLE="background-color: white">12,279,676
</FONT>Common Shares stated by the Issuer as being outstanding as at <FONT STYLE="background-color: white">March 6, 2024</FONT> in its
<FONT STYLE="background-color: white">Form 6-K</FONT>.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Amendment No. 5 (this
 &ldquo;<B>Amendment No. 5</B>&rdquo;) is filed by the Offeror (as defined below), Maryport (as defined below) and Mr. George Economou
and amends and supplements the Tender Offer Statement on Schedule TO originally filed with the Securities and Exchange Commission (the
 &ldquo;<B>SEC</B>&rdquo;) on October 11, 2023 and amended and supplemented pursuant to Amendment No. 1 and Amendment No. 2, each of which
was filed with the SEC on October 30, 2023, Amendment No. 3 which was filed with the SEC on November 15, 2023, and Amendment No. 4 which
was filed with the SEC on December 5, 2023 (such original Tender Offer Statement on Schedule TO as so amended and supplemented (including
any exhibits and annexes attached thereto), the &ldquo;<B>Original Schedule TO</B>&rdquo;), and as hereby amended and supplemented (including
by the exhibits and annexes hereto), together with any subsequent amendments and supplements thereto, this &ldquo;<B>Schedule TO</B>&rdquo;)
by Sphinx Investment Corp., a corporation organized under the laws of the Republic of the Marshall Islands (the &ldquo;<B>Offeror</B>&rdquo;),
Maryport Navigation Corp., a corporation organized under the laws of the Republic of Liberia that is the direct parent of the Offeror
(&ldquo;<B>Maryport</B>&rdquo;), and Mr. George Economou, who directly owns Maryport and controls each of the Offeror and Maryport. This
Schedule TO relates to the tender offer by the Offeror to purchase all of the issued and outstanding common shares, par value <FONT STYLE="background-color: white">$0.01
</FONT>per share (the &ldquo;<B>Common Shares</B>&rdquo;), of Performance Shipping Inc., <FONT STYLE="background-color: white">a&nbsp;</FONT>corporation&nbsp;organized&nbsp;under&nbsp;the&nbsp;laws&nbsp;of<FONT STYLE="background-color: white">&nbsp;the
Republic of the Marshall Islands</FONT> (the &ldquo;<B>Company</B>&rdquo;) (including the associated preferred stock purchase rights (the
 &ldquo;<B>Rights</B>&rdquo;, and together with the Common Shares, the &ldquo;<B>Shares</B>&rdquo;) issued pursuant to the<FONT STYLE="background-color: white">&nbsp;Stockholders&rsquo;
Rights Agreement</FONT>, dated <FONT STYLE="background-color: white">as of December 20, 2021, </FONT>between the Company and <FONT STYLE="background-color: white">Computershare
Inc. as Rights Agent (as it may be amended from time to time)),</FONT> for $3.00 per Share in cash, without interest, less any applicable
withholding taxes, upon the terms and subject to the conditions set forth in (a) the Amended and Restated Offer to Purchase, dated October
30, 2023, a copy of which is attached to the Schedule TO as Exhibit (a)(1)(G), as amended and supplemented by the Supplement to the Amended
and Restated Offer to Purchase dated December 5, 2023, a copy of which is attached to the Schedule TO as Exhibit (a)(1)(O) (the <B>&ldquo;Offer
to Purchase</B>&rdquo;), (b) the related revised Letter of Transmittal, a copy of which is attached to the Schedule TO as Exhibit (a)(1)(H)
(the &ldquo;<B>Letter of Transmittal</B>&rdquo;), and (c) the related revised Notice of Guaranteed Delivery, a copy of which is attached
to the Schedule TO as Exhibit (a)(1)(I) (the &ldquo;<B>Notice of Guaranteed Delivery</B>&rdquo;) (which three documents, including any
amendments or supplements thereto, collectively constitute the &ldquo;<B>Offer</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As permitted by General Instruction
G to Schedule TO, this Schedule TO is also Amendment No. 10 to the Schedule 13D filed by the Offeror, Maryport and Mr. Economou on August
25, 2023 (and amended on August 31, 2023, September 5, 2023 and September 15, 2023, amended twice on each of October 11, 2023 and October
30, 2023, and amended on November 15, 2023 and December 5, 2023) in respect of the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This Amendment No. 5 is being
filed to amend and supplement the Schedule TO. Except as amended hereby to the extent specifically provided herein, all terms of the Offer
and all other disclosures set forth in the Schedule TO and the Exhibits thereto remain unchanged and are hereby expressly incorporated
into this Amendment No. 5 by reference. Capitalized terms used and not otherwise defined in this Amendment No. 5 shall have the meanings
assigned to such terms in the Schedule TO and the Offer to Purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Items 1 through 9 and Item 11</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Offer to Purchase and Items 1 through 9 and Item 11 of the Schedule TO are hereby amended and supplemented by adding the following paragraph
thereto:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&ldquo;On
March 26, 2024, the Offeror announced that it has extended the Expiration Date and Time to 11:59 p.m., New York City time, on June 28,
2024. The Offer was previously scheduled to expire at 11:59 p.m., New York City time, on March 28, 2024. The Tender Offer Agent has advised
the Offeror that as of 5:00 p.m., New York City time, on March 25, 2024, the last full trading day prior to the announcement of the extension
of the Offer, 609,914 Shares had been validly tendered into the Offer and not validly withdrawn. The press release announcing the extension
of the Offer is attached hereto as Exhibit (a)(1)(P) and is incorporated herein by reference.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;The
Offer to Purchase and Items 1 through 9 and Item 11 of the Schedule TO are hereby amended and supplemented as set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">All
references to &ldquo;11:59 p.m., New York City time, on March 28, 2024&rdquo; set forth in the Amended and Restated Offer to Purchase
(Exhibit (a)(1)(G)), Supplement to Amended and Restated Offer to Purchase dated December 5, 2023 (Exhibit (a)(1)(O)), Form of revised
Letter of Transmittal (Exhibit (a)(1)(H)), Form of revised Notice of Guaranteed Delivery (Exhibit (a)(1)(I)), Form of revised Letter
to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (Exhibit (a)(1)(J)) and Form of revised Letter to Clients for
Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (Exhibit (a)(1)(K)) shall be replaced with &ldquo;11:59
p.m., New York City time, on June 28, 2024.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27.35pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the section of the Offer to Purchase entitled &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Summary
Term Sheet</B></FONT>&rdquo; is hereby amended and supplemented by deleting the fourth sentence of the discussion set forth under the
caption &ldquo;<B>WHO IS OFFERING TO BUY MY SHARES?</B>&rdquo; in its entirety and replacing it with the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;The
Offeror, Maryport and Mr. Economou beneficially own an aggregate of approximately 8.4% of the issued and outstanding Shares, based on
the number of Shares publicly disclosed by the Company as outstanding as of March 6, 2024.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the section of the Offer to Purchase entitled &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Summary
Term Sheet</B></FONT>&rdquo; is hereby amended and supplemented by deleting the last sentence of the discussion set forth under the caption
 &ldquo;<B>WHAT ARE THE CLASSES AND AMOUNTS OF SECURITIES SOUGHT IN THE OFFER?</B>&rdquo; in its entirety and replacing it with the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;According
to <FONT STYLE="background-color: white">Exhibit 99.1 to Form 6-K</FONT>, which was filed by the Company with the Securities and Exchange
Commission (the &ldquo;<U>SEC</U>&rdquo;) on&nbsp;<FONT STYLE="background-color: white">March 8, 2024</FONT>, there were <FONT STYLE="background-color: white">12,279,676
</FONT>Common Shares outstanding as of March <FONT STYLE="background-color: white">6, 2024</FONT>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">5.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
information set forth in the section of the Offer to Purchase entitled &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Summary
Term Sheet</B></FONT>&rdquo; is hereby amended and supplemented by deleting the discussion set forth under the caption &ldquo;<B>WHAT
IS THE MARKET VALUE OF MY SHARES AS OF A RECENT DATE?</B>&rdquo; in its entirety and replacing it with the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&ldquo;On October 10, 2023, the last
full trading day before the commencement of the Offer, the closing price of the Shares on the Nasdaq Capital Market was $1.68 per Share.
On March 25, 2024, the last full trading day before the filing of Amendment No. 5 to Schedule TO, the closing price of Common Shares
reported on the Nasdaq Capital Market was&nbsp;<FONT STYLE="text-transform: uppercase">$</FONT><FONT STYLE="color: #232A31; background-color: white">1.88
</FONT>per Share. The Offer represents a premium of 78.6% over the Company&rsquo;s closing Share price on October 10, 2023, and a premium
of 59.6% over the Company&rsquo;s closing Share price on March 25, 2024. We advise you to obtain a recent quotation for the Shares and
further consult with your financial and other advisors in deciding whether to tender your Shares. See Section 6 of the Offer to Purchase
- &ldquo;PRICE RANGE OF THE SHARES&#894; DIVIDENDS&rdquo;.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">6.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
information set forth in the section of the Offer to Purchase entitled &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Summary
Term Sheet</B></FONT>&rdquo; is hereby amended and supplemented by deleting the discussion set forth under the caption &ldquo;<B>WHAT
DOES THE BOARD OF DIRECTORS OF PERFORMANCE THINK OF THE OFFER</B>&rdquo; in its entirety and replacing it with the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;According
to the Solicitation/Recommendation Statement under Section 14(d)(4) of the Exchange Act filed by the Company with the SEC on October
25, 2023 (the &ldquo;<U>Initial Company Recommendation</U>&rdquo;), as amended by Amendment No. 1 thereto filed by the Company with the
SEC on November 6, 2023 (&ldquo;<U>Amendment No. 1 to Company Recommendation</U>&rdquo;), Amendment No. 2 to Company Recommendation filed
by the Company with the SEC on November 14, 2023 (&ldquo;<U>Amendment No. 2 to Company Recommendation</U>&rdquo;), Amendment No. 3 to
Company Recommendation filed by the Company with the SEC on November 15, 2023 (&ldquo;<U>Amendment No. 3 to Company Recommendation</U>&rdquo;),
Amendment No. 4 to Company Recommendation filed by the Company with the SEC on&nbsp;<FONT STYLE="background-color: white">November 30,
2023</FONT> (&ldquo;<U>Amendment No. 4 to Company Recommendation</U>&rdquo;) and Amendment No. 5 to Company Recommendation filed by the
Company with the SEC on&nbsp;<FONT STYLE="background-color: white">December 20, 2023</FONT> (&ldquo;<U>Amendment No. 5 to Company Recommendation</U>&rdquo;,
and collectively with the Initial Company Recommendation, Amendment No. 1 to Company Recommendation, Amendment No. 2 to Company Recommendation,
Amendment No. 3 to Company Recommendation and Amendment No. 4 to Company Recommendation, the &ldquo;<U>Amended Company Recommendation</U>&rdquo;),
a special committee of allegedly independent directors, consisting of Alex Papageorgiou, Lo&iuml;sa Ranunkel and Mihalis Boutaris (the
 &ldquo;<U>Special Committee</U>&rdquo;) unanimously determined that, in the view of the Special Committee, the Offer is not in the best
interests of the Company or its shareholders and recommended on behalf of the Company that the Company&rsquo;s shareholders reject the
Offer and not tender any Shares pursuant to the Offer. In support of such recommendation, the Company in the Amended Company Recommendation
gives &ldquo;reasons&rdquo; that include the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">1.
The Special Committee believes that the Company&rsquo;s net asset value per Common Share, which the Amended Company Recommendation states
was calculated by Newbridge&nbsp;<FONT STYLE="background-color: white">Securities Corporation (&ldquo;<U>Newbridge</U>&rdquo;), the Special
Committee&rsquo;s financial advisor,&nbsp;</FONT>to be approximately $7.11 per Share, exceeds the consideration represented by the Offer
and that the Offer therefore undervalues the outstanding Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">2.
T<FONT STYLE="background-color: white">he Special Committee believes that the Offer is illusory, because the (in their view) &ldquo;highly
conditional&rdquo; nature of the Offer creates significant doubt that the Offer will be consummated. The Special Committee notes in particular
in this respect that the Offer remains conditioned on the Series C Condition, which,&nbsp;</FONT>the Special Committee alleges,&nbsp;<FONT STYLE="background-color: white">is
not within the authority of the Board or the Company to satisfy, including because&nbsp;</FONT>the Special Committee believes that none
of the Company&rsquo;s governing documents or applicable law grant the Company, the Board or the Special Committee the authority to effect
a cancellation of the Series C Preferred Stock for no consideration. The Amended Company Recommendation also states that the&nbsp;<FONT STYLE="background-color: white">Offer
is subject to numerous other conditions which,&nbsp;</FONT>the Special Committee alleges,&nbsp;<FONT STYLE="background-color: white">&ldquo;give
the Offeror wide latitude not to consummate the Offer, especially in light of the lengthy extension of the Offer - for a period of more
than four months - creating a greater likelihood of the occurrence of circumstances on the basis of which the Offeror could claim a condition
is not satisfied.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt"><B>The
Offeror strongly disagrees with the Amended Company Recommendation, and the recommendation and conclusions regarding the Offer and the
Company&rsquo;s characterization of the terms of the Offer as set forth in the Amended Company Recommendation.</B>&nbsp;See Section 11
of the Offer to Purchase - &ldquo;PURPOSE OF THE OFFER; PLANS FOR THE COMPANY&rdquo; for additional information, including our responses
to certain of the statements alleged by the Special Committee in the Amended Company Recommendation.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">7.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
information set forth in the section of the Offer to Purchase entitled &ldquo;<B>INTRODUCTION</B>&rdquo; is hereby amended and supplemented
by deleting the eighth full paragraph thereof in its entirety and replacing it with the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&ldquo;According
to <FONT STYLE="background-color: white">Exhibit 99.1 to Form 6-K</FONT> filed by the Company with the SEC on&nbsp;<FONT STYLE="background-color: white">March
8, 2024</FONT>, there were&nbsp;<FONT STYLE="background-color: white">12,279,676&nbsp;</FONT>Common Shares outstanding as of&nbsp;March
<FONT STYLE="background-color: white">6, 2024</FONT>. See Section 12 &mdash; &ldquo;CERTAIN EFFECTS OF THE OFFER&rdquo;.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in Section 7 of the Offer to Purchase entitled <B>&#8239;</B>&ldquo;<B>CERTAIN INFORMATION CONCERNING THE COMPANY</B>&rdquo;
is hereby amended and supplemented by deleting the third full paragraph thereof in its entirety and replacing it with the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&ldquo;According
to <FONT STYLE="background-color: white">Exhibit 99.1 to Form 6-K</FONT> filed by the Company with the SEC on March 8, 2024, there were&nbsp;<FONT STYLE="background-color: white">12,</FONT>279<FONT STYLE="background-color: white">,676
</FONT>Common Shares outstanding as of March 6, 2024.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in Section 8 of the Offer to Purchase entitled <B>&#8239;</B>&ldquo;<B>CERTAIN INFORMATION CONCERNING THE OFFEROR</B>&rdquo;
is hereby amended and supplemented by deleting the seventh full paragraph thereof in its entirety and replacing it with the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&ldquo;The
Offeror, Maryport and Mr. Economou beneficially own, in the aggregate, 1,033,859 Common Shares representing approximately 8.4% of the
issued and outstanding Shares. The foregoing percentage is based upon the <FONT STYLE="background-color: white">12,</FONT>279<FONT STYLE="background-color: white">,676
</FONT>Shares stated by the Company as being outstanding as of March 6, 2024 in <FONT STYLE="background-color: white">Exhibit 99.1 to
</FONT>Form 6-K filed by the Company with the SEC on March 8, 2024. &rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">10.&nbsp;&nbsp;Section
10 of the Offer to Purchase entitled &ldquo;<B>BACKGROUND OF THE OFFER&#894; PAST CONTACTS OR NEGOTIATIONS WITH THE COMPANY</B>&rdquo;
is hereby supplemented by adding the following to the end thereof:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&ldquo;On
December 20, 2023, the Company filed Amendment No. 5 to Company Recommendation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">The
Amended Company Recommendation, among other things, reaffirmed the prior recommendation of the Special Committee with respect to the
Offer. Such recommendation, which in the view of the Offeror remained thinly reasoned and lacking in appropriate detail, recommended
that all of the Company&rsquo;s shareholders reject the Offer and not tender any of their Shares pursuant to the Offer. Further information
regarding the Amended Company Recommendation is available under the Q&amp;A entitled &ldquo;WHAT DOES THE BOARD OF DIRECTORS OF PERFORMANCE
THINK OF THE OFFER<B>?&rdquo;&nbsp;</B>and in Section 11 - &ldquo;PURPOSE OF THE OFFER&#894; PLANS FOR THE COMPANY&rdquo;.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">According to the Amended Company Recommendation,
 &ldquo;[a]<FONT STYLE="background-color: white">fter the Offeror amended the Offer on October 30, 2023, the Special Committee adopted
additional resolutions on November 6, 2023 to confirm that the Distribution Date shall not occur under the Rights Agreement upon the
Close of Business on the tenth Business Day after the date that such amendment to the Offer was first published or sent or given within
the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act and to provide that the Distribution Date shall
instead occur under the Rights Agreement on the next date on which the Distribution Date would occur under the Rights Agreement but for
the commencement of the Offer on its original terms and conditions and such amendment to the Offer. After the Offeror extended the Offer
on November 15, 2023, the Special Committee adopted additional resolutions on November 30, 2023 to confirm that the Distribution Date
shall not occur under the Rights Agreement upon the Close of Business on the tenth Business Day after the date that such extension of
the Offer was first published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange
Act and to provide that the Distribution Date shall instead occur under the Rights Agreement on the next date on which the Distribution
Date would occur under the Rights Agreement but for the commencement of the Offer on its original terms and conditions, the October 30,
2023 amendment to the Offer and the November 15, 2023 extension of the Offer. After the Offeror supplemented the Offer on December 5,
2023, the Special Committee adopted additional resolutions on December&nbsp;14, 2023 to confirm that the Distribution Date shall not
occur under the Rights Agreement upon the Close of Business on the tenth Business Day after the date that such supplement to the Offer
was first published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act
and to provide that the Distribution Date shall instead occur under the Rights Agreement on the next date on which the Distribution Date
would occur under the Rights Agreement but for the commencement of the Offer on its original terms and conditions, the October 30, 2023
amendment to the Offer, the November 15, 2023 extension of the Offer and the December 5, 2023 supplement to the Offer&nbsp;(which, for
the avoidance, may include the occurrence of the Close of Business on the tenth Business Day after the date that any subsequent amendment
to the Offer, any subsequent modification or extension of the Offer or any subsequent waiver of any of the conditions of the Offer is
first published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act), or
in each case such later date as may be determined by action of the Board or the Special Committee. As a result, the Distribution Date
under the Rights Agreement shall not occur upon the Close of Business on the tenth Business Day after: (a) the date that the original
Offer<B>&nbsp;</B>was first published or sent or given, (b) the date that&nbsp; the Offeror&rsquo;s October 30, 2023 amendment to the
Offer was first published or sent or given,&nbsp;(c) the date that the Offeror&rsquo;s November 15, 2023 extension of&nbsp;the Offer
was first published or sent or given or (d) the date that the Offeror&rsquo;s December 5, 2023 supplement to the Offer<B>&nbsp;</B>was
first published or sent or given, in each case within the meaning of Rule 14d-2(a) of the General Rules and Regulations under the Exchange
Act. However, to the extent that the Rights Agreement remains in effect and the Distribution Date has not yet occurred, and the Offeror
or any affiliate thereof makes any subsequent tender or exchange offer, subsequently waives any conditions to the Offer, subsequently
extends the Offer or subsequently amends or otherwise modifies the Offer, the Distribution Date may occur on the Close of Business on
the tenth Business Day after the date that any such subsequent offer or any such subsequent amendment to the Offer, subsequent modification
or extension of the Offer or subsequent waiver of any of the conditions of the Offer is first published or sent or given within the meaning
of Rule 14d-2(a) of the General Rules and Regulations under the Exchange Act (or on such later date as may be determined by action of
the Board or the Special Committee).</FONT>&rdquo; As a result of the amendments made by Amendment No. 5 to Schedule TO (or any other
amendments, modifications or extensions made to the Offer after the date of the Company waiver described above), the Board or the Special
Committee might take the position that the ten business day countdown until the Distribution Date under the Rights Agreement has been
reset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">On
March 26, 2024, the Offeror filed  Amendment No. 5 to Schedule TO with respect to the Offer.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">11.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT>The
information set forth in Section 11 of the Offer to Purchase entitled &ldquo;<B>PURPOSE OF THE OFFER&#894; PLANS FOR THE COMPANY</B>&rdquo;
is hereby amended and supplemented by deleting the parenthetical phrase &ldquo;(or nullification through the issuance of Remedial Rights)&rdquo;
contained in the fifth full paragraph of the discussion set forth under the caption &ldquo;CONCERNS WITH THE COMPANY&rsquo;S RECOMMENDATION&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">12.&nbsp;&nbsp;The
information set forth in Section 18 of the Offer to Purchase entitled &ldquo;<B>LEGAL PROCEEDINGS</B>&rdquo; is hereby amended and supplemented
by deleting the last full paragraph thereof in its entirety and replacing it with the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&ldquo;On
January 29, 2024, the defendants filed motions to dismiss the complaint. On March 14, 2024, the Offeror filed an omnibus opposition memorandum
of law. The defendants&rsquo; reply memoranda are due to be filed April 4, 2024. The outcome of the motions to dismiss and the Cancellation
Proceedings cannot be predicted with certainty. The Case Number for the Cancellation Proceedings is 655326/2023&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 12. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">Item 12 of the Schedule TO
is hereby amended and supplemented by adding the following text thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 67px"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Description&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm249776d1_ex99a1p.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">(a)(1)(P)</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="tm249776d1_ex99a1p.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press Release issued by Sphinx Investment Corp. on&nbsp;&nbsp;March 26, 2024 (filed herewith).</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After due inquiry and to the
best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: March 26, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>SPHINX INVESTMENT CORP.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">By: Levante Services Limited </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 48%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;/s/ Kleanthis Costa Spathias</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Kleanthis Costa Spathias</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>MARYPORT NAVIGATION CORP.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">By: Levante Services Limited</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;/s/ Kleanthis Costa Spathias</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Kleanthis Costa Spathias</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>George Economou</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><BR>
/s/ George Economou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">George Economou</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 0.6in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 0.7in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(A)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1a.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Offer
    to Purchase*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1b.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(B)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1b.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
    of Letter of Transmittal*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1c.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(C)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1c.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
    of Notice of Guaranteed Delivery*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1d.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(D)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1d.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
    of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1e.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(E)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1e.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
    of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1f.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(F)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1f.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
    of Summary Advertisement as published in the New York Times on October 11, 2023 *</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1g.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(G)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1g.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amended
    and Restated Offer to Purchase*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1h.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(H)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1h.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
    of revised Letter of Transmittal*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1i.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(I)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1i.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
    of revised Notice of Guaranteed Delivery*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1j.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(J)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1j.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
    of revised Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(K)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1k.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form
    of revised Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1l.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(L)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1l.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Complaint
    filed by Sphinx Investment Corp. in the Supreme Court of the State of New York located in the County of New York*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112617/tm2329283d5_ex-99a1m.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(M)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112617/tm2329283d5_ex-99a1m.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Press
    Release issued by Sphinx Investment Corp. on October 30, 2023*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923118587/tm2329283d5_ex-99a1n.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(N)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923118587/tm2329283d5_ex-99a1n.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Press
    Release issued by Sphinx Investment Corp. on November 15, 2023*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923123638/tm2332175d1_ex-99a1o.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(1)(O)</FONT></A></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923123638/tm2332175d1_ex-99a1o.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Supplement
    to Amended and Restated Offer to Purchase dated December 5, 2023*</FONT></A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="tm249776d1_ex99a1p.htm" STYLE="-sec-extract: exhibit">(a)(1)(P)</A></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><A HREF="tm249776d1_ex99a1p.htm" STYLE="-sec-extract: exhibit">Press Release issued
    by Sphinx Investment Corp. on&nbsp;&nbsp;March 26, 2024**</A></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
    applicable.</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD>
                               <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
                                            applicable.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
                               <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD>
                               <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
                                            applicable.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
                               <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">107</FONT></A></FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-filingfees.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filing
  Fee Table*</FONT></A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* &nbsp;&nbsp;Previously filed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Filed herewith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Exhibit (a)(1)(P)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">SPHINX INVESTMENT CORP. ANNOUNCES EXTENSION
OF TENDER OFFER TO PURCHASE ALL OUTSTANDING COMMON SHARES AND ASSOCIATED RIGHTS OF PERFORMANCE SHIPPING INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">NEW YORK, March 26, 2024
/PRNewswire/ -- Sphinx Investment Corp. (&ldquo;<U>Sphinx</U>&rdquo;) today announced that it has extended the expiration date of its
previously announced offer to purchase all of the issued and outstanding common shares, par value $0.01 per share (the &ldquo;<U>Common
Shares</U>&rdquo;), of Performance Shipping Inc. (&ldquo;<U>Performance</U>&rdquo;) (including the associated preferred stock purchase
rights (the &ldquo;<U>Rights</U>&rdquo;, and together with the Common Shares, the &ldquo;<U>Shares</U>&rdquo;) for $3.00 per Share in
cash, without interest, less any applicable withholding taxes (the &ldquo;<U>Offer</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>The expiration date
of the Offer has been extended to 11:59 p.m., New York City time, on&nbsp;June 28, 2024.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Continental Stock Transfer
 &amp;Trust Company, the tender offer agent for the Offer, has advised Sphinx that as of 5:00 p.m., New York City time, on March 25, 2024,
the last business day prior to the announcement of the extension of the Offer, 609,914 Shares had been validly tendered into the Offer
and not validly withdrawn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Offer is being made
pursuant to the terms and conditions described in the Amended and Restated Offer to Purchase dated October 30, 2023, as amended and supplemented
by the Supplement to the Amended and Restated Offer to Purchase dated December 5, 2023, and as may be further amended from time to time
(collectively, the &ldquo;<U>Offer to Purchase</U>&rdquo;), the related revised Letter of Transmittal (the &quot;<U>Letter of Transmittal</U>&quot;),
the related revised Notice of Guaranteed Delivery (the &ldquo;<U>Notice of Guaranteed Delivery</U>&rdquo;), and certain other Offer documents,
copies of which are attached to the Tender Offer Statement on Schedule TO originally filed by Sphinx, Maryport Navigation Corp. and Mr.
George Economou with the United States Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) on October 11, 2023, as amended
and as may be further amended from time to time. Consummation of the Offer continues to be subject to satisfaction or waiver of all of
the conditions referred to in Section 14 &mdash; &quot;Conditions of the Offer&quot; of the Offer to Purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Information Agent
for the Offer is Innisfree M&amp;A Incorporated. The Offer materials may be obtained at no charge by calling Innisfree toll free at (877)
800-5190, and may also be obtained at no charge at the website maintained by the SEC at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><U>Additional Information
about the Offer and Where to Find It</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The tender offer referenced
herein commenced on October 11, 2023. This press release is neither an offer to purchase nor a solicitation of an offer to sell any Shares
or any other securities, nor is it a substitute for the tender offer materials attached to the Tender Offer Statement on Schedule TO
filed by Sphinx, Maryport Navigation Corp. and Mr. George Economou with the SEC on Schedule TO on October 11, 2023 and amended pursuant
to Amendment No. 1 and Amendment No. 2 thereto on October 30, 2023, Amendment No. 3 thereto on November 15, 2023 and Amendment No. 4
thereto on December 5, 2023 (including the Offer to Purchase, the Letter of Transmittal and the Notice of Guaranteed Delivery) (the &ldquo;<U>Tender
Offer Materials</U>&rdquo;). A solicitation and offer to purchase outstanding Shares is only being made pursuant to the Tender Offer
Materials. Performance filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the Offer with the SEC on October
25, 2023, and amended the same by Amendment No. 1 thereto filed by Performance with the SEC on November 6, 2023, Amendment No. 2 thereto
filed by Performance with the SEC on November 14, 2023, Amendment No. 3 thereto filed by Performance with the SEC on November 15, 2023,
Amendment No. 4 thereto filed by Performance with the SEC on November 30, 2023, and Amendment No. 5 thereto filed by Performance with
the SEC on December 20, 2023 (the &ldquo;<U>Solicitation/Recommendation Statement</U>&rdquo;). <FONT STYLE="text-transform: uppercase">INVESTORS
AND PERFORMANCE SHAREHOLDERS ARE STRONGLY ADVISED TO READ THE TENDER OFFER MATERIALS (INCLUDING THE OFFER </FONT>to Purchase, the Letter
of Transmittal and the Notice of Guaranteed Delivery<FONT STYLE="text-transform: uppercase">) </FONT>AND THE SOLICITATION/RECOMMENDATION
STATEMENT, AS EACH MAY BE AMENDED OR SUPPLEMENTED FR<FONT STYLE="text-transform: uppercase">OM TIME TO TIME, BECAUSE THEY CONTAIN IMPORTANT
INFORMATION THAT SHOULD BE CONSIDERED BY INVESTORS AND&nbsp;</FONT>Performance shareholders BEFORE MAKING ANY DECISION WITH RESPECT TO
THE OFFER. The Tender Offer Materials may be obtained at no charge at the website maintained by the Securities and Exchange Commission
at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><U>Important Cautions Regarding Forward-Looking
Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Certain statements contained
in this press release are forward-looking statements, including, but not limited to, statements that are predications of or indicate future
events, trends, plans or objectives. These statements, which sometimes use words such as &quot;anticipate,&quot; &quot;believe,&quot;
 &quot;intend,&quot; &quot;estimate,&quot; &quot;expect,&quot; &quot;project,&quot; &quot;strategy,&quot; &quot;opportunity,&quot; &quot;future,&quot;
 &quot;plan,&quot; &quot;will likely result,&quot; &quot;will,&quot; &quot;shall,&quot; &quot;may,&quot; &quot;aim,&quot; &quot;predict,&quot;
 &quot;should,&quot; &quot;would,&quot; &quot;continue,&quot; and words of similar meaning and/or other similar expressions that are predictions
of or indicate future events and/or future trends, reflect the beliefs and expectations of the applicable of the Offeror, Maryport and
Mr. George Economou at the date of this press release and involve a number of risks, uncertainties and assumptions that could cause actual
results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><U>About Sphinx</U>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Sphinx Investment Corp.
is a corporation organized under the laws of the Republic of the Marshall Islands. The principal business of the Sphinx is the making
of investments in securities. Sphinx is controlled by Mr. George Economou.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Media Contact:<BR>
Innisfree M&amp;A Incorporated<BR>
Jonathan Kovacs / Arthur Crozier / Scott Winter<BR>
jkovacs@innisfreema.com; acrozier@innisfreema.com; swinter@innisfreema.com<BR>
212-750-5833</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">SOURCE Sphinx
Investment Corp</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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