<SEC-DOCUMENT>0001104659-26-028049.txt : 20260316
<SEC-HEADER>0001104659-26-028049.hdr.sgml : 20260316
<ACCEPTANCE-DATETIME>20260316081721
ACCESSION NUMBER:		0001104659-26-028049
CONFORMED SUBMISSION TYPE:	SC TO-T/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20260316
DATE AS OF CHANGE:		20260316
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
		EIN:				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:		26754569

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		PROVINCE COUNTRY:   	J3
		BUSINESS PHONE:		302166002400

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		PROVINCE COUNTRY:   	J3

	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
		EIN:				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:		26754568

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		PROVINCE COUNTRY:   	J3
		BUSINESS PHONE:		302166002400

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		373 SYNGROU AVE.
		STREET 2:		17564 PALAIO FALIRO
		CITY:			ATHENS
		PROVINCE COUNTRY:   	J3

	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:           	
		EIN:				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>tm265667d1_sctot.htm
<DESCRIPTION>SC TO-T/A
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

<P STYLE="border-top: Black 1pt solid; 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>SCHEDULE TO</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: center">(RULE 14d-100)</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: center"><B>Tender Offer Statement under Section&nbsp;14(d)(1)&nbsp;or
13(e)(1)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No.&nbsp;13)</B></P>

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

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt 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></P>

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

<P STYLE="border-top: Black 1pt solid; 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"><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">&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">&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">&nbsp;</P>

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

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

<P STYLE="border-top: Black 1pt solid; 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"><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; background-color: white"><B>(including
the associated Preferred stock purchase rights)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Title of Class&nbsp;of Securities)</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: center"><B>Y67305154</B></P>

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

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

<P STYLE="border-top: Black 1pt solid; 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>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">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>With
a copy to</I></B></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; 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</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1221 Avenue of Americas</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 819-8200</B></P>

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

<P STYLE="border-top: Black 1pt solid; 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 STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">third-party
    tender offer subject to Rule&nbsp;14d-1.</FONT></TD></TR>
  </TABLE>
<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 STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">issuer
    tender offer subject to Rule&nbsp;13e-4.</FONT></TD></TR>
  </TABLE>
<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 STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">going-private
    transaction subject to Rule&nbsp;13e-3.</FONT></TD></TR>
  </TABLE>
<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 STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">amendment
    to Schedule 13D under Rule&nbsp;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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the following box if the filing is a final amendment reporting the results of the tender offer: </FONT><FONT STYLE="font-family: Wingdings">&uml;</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; text-indent: 0.25in">If applicable, check the appropriate box(es)
below to designate the appropriate rule&nbsp;provision(s)&nbsp;relied upon:</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 STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;13e-4(i)&nbsp;(Cross-Border
    Issuer Tender Offer)</FONT></TD></TR>
  </TABLE>
<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 STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule&nbsp;14d-1(d)&nbsp;(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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B></B>&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. 17 to the Schedule 13D filed by Sphinx Investment Corp. (the &ldquo;Offeror&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,
further amended twice on each of October 11, 2023 and October 30, 2023, and further amended on November 15, 2023, December 5, 2023, March
26, 2024, June 27, 2024, August 15, 2024, September 17, 2024, December 12, 2024, February 5, 2025, July 31, 2025 and February 11, 2026)
in respect of the Common Shares of the Company.</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">CUSIP No.&nbsp;Y67305154</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">&uml;</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"><FONT STYLE="font-family: Wingdings">&#120;</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">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)&nbsp;or 2(e)&nbsp;<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">&uml;</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&nbsp;Represented by Amount in Row (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.3%**</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: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 83%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<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.&nbsp;Economou.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">** Based on the 12,432,158 Common Shares stated by the Issuer as being
outstanding as at November 24, 2025 in Exhibit 99.1 to Form 6-K filed with the United States Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
on December 2, 2025 (the &ldquo;Form 6-K&rdquo;).</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"></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">CUSIP No.&nbsp;Y67305154</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">&uml;</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)&nbsp;or 2(e)&nbsp;<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">&uml;</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&nbsp;Represented by Amount in Row (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.3%**</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: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 83%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<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.&nbsp;Economou.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">** Based on the 12,432,158 Common Shares stated
by the Issuer as being outstanding as at November&nbsp;24, 2025 in its Form&nbsp;6-K.</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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">CUSIP No.&nbsp;Y67305154&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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)&nbsp;or 2(e)&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</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">&uml;</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&nbsp;Represented by Amount in Row (11)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">8.3%**</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: 5%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 83%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<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.&nbsp;Economou.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Based on the 12,432,158 Common Shares stated by the Issuer as being
outstanding as at November&nbsp;24, 2025 in its Form&nbsp;6-K.</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: 0.5in">This Amendment No. 13 (this
 &ldquo;<B>Amendment No. 13</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, Amendment No. 4 which was
filed with the SEC on December 5, 2023, Amendment No. 5 which was filed with the SEC on March 26, 2024, Amendment No. 6 which was filed
with the SEC on June 27, 2024, Amendment No. 7 which was filed with the SEC on August 15, 2024, Amendment No. 8 which was filed with the
SEC on September 17, 2024, Amendment No. 9 which was filed with the SEC on December 12, 2024, Amendment No. 10 which was filed with the
SEC on February 5, 2025, Amendment No. 11 which was filed with the SEC on July 31, 2025, and Amendment No. 12 which was filed with the
SEC on February 11, 2026 (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 $0.01 per share (the &ldquo;<B>Common Shares</B>&rdquo;),
of Performance Shipping Inc., a corporation organized under the laws of the Republic of the Marshall Islands (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 Stockholders&rsquo; Rights Agreement, dated as of December 20, 2021, between the Company and Computershare Inc.
as Rights Agent (as it may be amended from time to time)), 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 &ldquo;<B>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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As permitted by General Instruction
G to Schedule TO, this Schedule TO is also Amendment No. 17 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, further amended twice on each of October 11, 2023
and October 30, 2023, and further amended on November 15, 2023, December 5, 2023, March 26, 2024, June 27, 2024, August 15, 2024, September
17, 2024, December 12, 2024, February 5, 2025, July 31, 2025, and February 11, 2026) in respect of the Common Shares.</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; text-align: justify; text-indent: 0.5in">This Amendment No. 13 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. 13 by reference. Capitalized terms used and not otherwise defined in this Amendment No. 13 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>Items 1 through 9 and Item 11</B></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 STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 16, 2026, the Offeror terminated the
    Offer and issued a press release in connection therewith.</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; text-align: justify">As previously disclosed by the Offeror, on July&nbsp;16,
    2025, at the request of counsel to the Offeror and counsel to the defendants in the RMI Cancellation Proceedings, the High Court entered
    an order staying the RMI Cancellation Proceedings pending resolution of the appeal in a separate case captioned Sphinx v. Tsantanis, et.
    al., Case No.&nbsp;2024-01680 (the &ldquo;Seanergy Case&rdquo;), which was then pending before the Supreme Court of the Marshall Islands
    and expected to bear upon related legal issues. The Supreme Court of the Marshall Islands rendered a decision in the Seanergy Case on
    February 20, 2026, and on February 27, 2026, counsel to the defendants in the RMI Cancellation Proceedings wrote a letter motion to the
    High Court requesting that the High Court lift the stay on the matter and dismiss the RMI Cancellation Proceedings with prejudice, based
    on the outcome of the Seanergy Case. On March 13, 2026, counsel to the Offeror advised the High Court that the Offeror does not oppose
    dismissal. In light of the decision by the Supreme Court of the Marshall Islands in the Seanergy Case and the pending dismissal of the
    RMI Cancellation Proceedings, and further given the manifest unwillingness of the Company and its controlling persons to cooperate with
    the Offer for almost two and a half years, the Offeror has determined (i) that the Series C Condition, among others, cannot be satisfied
    and (ii) to terminate the Offer. The Offeror, Maryport and Mr. George Economou no longer intend to seek to change or influence the control
    of the Company or to change the Company&rsquo;s capital structure or corporate governance.</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; text-align: justify">A copy of the press release issued by Sphinx Investment
    Corp. on March 16, 2026 announcing the termination of the Offer to Purchase is attached hereto as Exhibit (a)(i)(W) and is incorporated
    herein by reference. No Shares were purchased by the Offeror pursuant to the Offer and all Shares previously tendered and not withdrawn
    will be promptly returned.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><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: 0.5in">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">&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: 10%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 90%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Description&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><A HREF="tm265667d1_ex99-a1w.htm"><FONT STYLE="font-size: 10pt">(a)(1)(W)</FONT></A></TD>
    <TD STYLE="text-align: justify"><A HREF="tm265667d1_ex99-a1w.htm"><FONT STYLE="font-size: 10pt">Press Release issued by Sphinx Investment Corp. on March&nbsp;&nbsp;16, 2026 (filed herewith).</FONT></A></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: March 16, 2026</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%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SPHINX INVESTMENT CORP.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: Levante Services Limited </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 47%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Kleanthis Costa Spathias</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kleanthis Costa Spathias</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>MARYPORT NAVIGATION CORP.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: Levante Services Limited</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Kleanthis Costa Spathias</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kleanthis Costa Spathias</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>George Economou</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ George Economou</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">George Economou</FONT></TD>
    <TD>&nbsp;</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; text-align: justify"></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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></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%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 8%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 90%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1a.htm"><FONT STYLE="font-size: 10pt">(a)(1)(A)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1a.htm"><FONT STYLE="font-size: 10pt">Offer to Purchase*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1b.htm"><FONT STYLE="font-size: 10pt">(a)(1)(B)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1b.htm"><FONT STYLE="font-size: 10pt">Form&nbsp;of Letter of Transmittal*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1c.htm"><FONT STYLE="font-size: 10pt">(a)(1)(C)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1c.htm"><FONT STYLE="font-size: 10pt">Form&nbsp;of Notice of Guaranteed Delivery*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1d.htm"><FONT STYLE="font-size: 10pt">(a)(1)(D)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1d.htm"><FONT STYLE="font-size: 10pt">Form&nbsp;of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1e.htm"><FONT STYLE="font-size: 10pt">(a)(1)(E)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1e.htm"><FONT STYLE="font-size: 10pt">Form&nbsp;of Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1f.htm"><FONT STYLE="font-size: 10pt">(a)(1)(F)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-99a1f.htm"><FONT STYLE="font-size: 10pt">Form&nbsp;of Summary Advertisement as published in the New York Times on October&nbsp;11, 2023 *</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1g.htm"><FONT STYLE="font-size: 10pt">(a)(1)(G)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1g.htm"><FONT STYLE="font-size: 10pt">Amended and Restated Offer to Purchase*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1h.htm"><FONT STYLE="font-size: 10pt">(a)(1)(H)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1h.htm"><FONT STYLE="font-size: 10pt">Form&nbsp;of revised Letter of Transmittal*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1i.htm"><FONT STYLE="font-size: 10pt">(a)(1)(I)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1i.htm"><FONT STYLE="font-size: 10pt">Form&nbsp;of revised Notice of Guaranteed Delivery*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1j.htm"><FONT STYLE="font-size: 10pt">(a)(1)(J)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1j.htm"><FONT STYLE="font-size: 10pt">Form&nbsp;of revised Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1k.htm"><FONT STYLE="font-size: 10pt">(a)(1)(K)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1k.htm"><FONT STYLE="font-size: 10pt">Form&nbsp;of revised Letter to Clients for Use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1l.htm"><FONT STYLE="font-size: 10pt">(a)(1)(L)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112288/tm2329283d1_ex-99a1l.htm"><FONT STYLE="font-size: 10pt">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></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112617/tm2329283d5_ex-99a1m.htm"><FONT STYLE="font-size: 10pt">(a)(1)(M)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923112617/tm2329283d5_ex-99a1m.htm"><FONT STYLE="font-size: 10pt">Press Release issued by Sphinx Investment Corp. on October&nbsp;30, 2023*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923118587/tm2329283d5_ex-99a1n.htm"><FONT STYLE="font-size: 10pt">(a)(1)(N)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923118587/tm2329283d5_ex-99a1n.htm"><FONT STYLE="font-size: 10pt">Press Release issued by Sphinx Investment Corp. on November&nbsp;15, 2023*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923123638/tm2332175d1_ex-99a1o.htm"><FONT STYLE="font-size: 10pt">(a)(1)(O)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923123638/tm2332175d1_ex-99a1o.htm"><FONT STYLE="font-size: 10pt">Supplement to Amended and Restated Offer to Purchase dated December&nbsp;5, 2023*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465924038822/tm249776d1_ex99a1p.htm"><FONT STYLE="font-size: 10pt">(a)(1)(P)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465924038822/tm249776d1_ex99a1p.htm"><FONT STYLE="font-size: 10pt">Press Release issued by Sphinx Investment Corp. on&nbsp;March&nbsp;26, 2024*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465924075527/tm2418378d1_ex99a1q.htm"><FONT STYLE="font-size: 10pt">(a)(1)(Q)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465924075527/tm2418378d1_ex99a1q.htm"><FONT STYLE="font-size: 10pt">Press Release issued by Sphinx Investment Corp. on&nbsp;June&nbsp;27, 2024*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465924090132/tm2421785d1_ex99a1r.htm"><FONT STYLE="font-size: 10pt">(a)(1)(R)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465924090132/tm2421785d1_ex99a1r.htm"><FONT STYLE="font-size: 10pt">Complaint filed by Sphinx Investment Corp. in the High Court of the Republic of the Marshall Islands on August&nbsp;13, 2024 (and stamped by such Court as received on August&nbsp;15, 2024)*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465924100540/tm2424097d1_ex99-a1s.htm"><FONT STYLE="font-size: 10pt">(a)(1)(S)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465924100540/tm2424097d1_ex99-a1s.htm"><FONT STYLE="font-size: 10pt">Press Release issued by Sphinx Investment Corp. on&nbsp;September&nbsp;17, 2024*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465925009708/tm255560d1_ex99-a1t.htm"><FONT STYLE="font-size: 10pt">(a)(1)(T)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465925009708/tm255560d1_ex99-a1t.htm"><FONT STYLE="font-size: 10pt">Press Release issued by Sphinx Investment Corp. on February 5, 2025*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465925072410/tm2522059d1_ex99-a1u.htm"><FONT STYLE="font-size: 10pt">(a)(1)(U)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465925072410/tm2522059d1_ex99-a1u.htm"><FONT STYLE="font-size: 10pt">Press Release Issued by Sphinx Investment Corp. on July 31, 2025*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465926013052/tm265667d1_ex99-a1v.htm"><FONT STYLE="font-size: 10pt">(a)(1)(V)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465926013052/tm265667d1_ex99-a1v.htm"><FONT STYLE="font-size: 10pt">Press Release Issued by Sphinx Investment Corp. on February 11, 2026*</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm265667d1_ex99-a1w.htm"><FONT STYLE="font-size: 10pt">(a)(1)(W)</FONT></A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><A HREF="tm265667d1_ex99-a1w.htm"><FONT STYLE="font-size: 10pt">&nbsp;Press Release Issued by Sphinx Investment Corp. on March 16, 2026**</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Not applicable.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Not applicable.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Not applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-filingfees.htm"><FONT STYLE="font-size: 10pt">107</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1481241/000110465923108454/tm2328104d2_ex-filingfees.htm"><FONT STYLE="font-size: 10pt">Filing Fee Table*</FONT></A></TD></TR>
  </TABLE>

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

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<DOCUMENT>
<TYPE>EX-99.(A)(1)(W)
<SEQUENCE>2
<FILENAME>tm265667d1_ex99-a1w.htm
<DESCRIPTION>EXHIBIT (A)(1)(W)
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">NEW YORK, March 16, 2026
/PRNewswire/ -- Sphinx Investment Corp. (&ldquo;<U>Sphinx</U>&rdquo;) today announced that it has terminated 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;) (the &ldquo;<U>Offer</U>&rdquo;). The tender offer was due to expire
at 11:59 p.m., New York City time, on September 18, 2026.</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">Sphinx&rsquo;s obligation
to consummate the Offer was subject to various terms and conditions specified in the offer to purchase and letter of transmittal documents
that were distributed to holders, including the &ldquo;Series C Condition&rdquo;, as further described in such documents.</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">As previously disclosed
by Sphinx, on August 13, 2024, Sphinx initiated legal proceedings (the &ldquo;<U>RMI Cancellation Proceedings</U>&rdquo;) in the High
Court of the Republic of the Marshall Islands (the &ldquo;<U>High Court</U>&rdquo;) against Performance and certain other defendants,
seeking, among other things, to invalidate the super-voting Series C Preferred Stock of Performance. On July&nbsp;16, 2025, the High Court
entered an order staying the RMI Cancellation Proceedings pending resolution of the appeal in a separate case captioned Sphinx v. Tsantanis,
et. al., Case No.&nbsp;2024-01680 (the &ldquo;Seanergy Case&rdquo;), which was then pending before the Supreme Court of the Marshall Islands
and expected to bear upon related legal issues. The Supreme Court of the Marshall Islands rendered a decision in the Seanergy Case on
February 20, 2026, and on February 27, 2026, counsel to the defendants in the RMI Cancellation Proceedings wrote a letter motion to the
High Court requesting that the High Court lift the stay on the matter and dismiss the RMI Cancellation Proceedings with prejudice, based
on the outcome of the Seanergy Case. On March 13, 2026, counsel to the Offeror advised the High Court that the Offeror does not oppose
dismissal.</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">Sphinx has determined
that the Series C Condition to the consummation of the Offer, among others, cannot be satisfied in light of the recent decision by the
Supreme Court of the Marshall Islands in the Seanergy Case and the pending dismissal of the RMI Cancellation Proceedings, and further
given the manifest unwillingness of the Company and its controlling persons to cooperate with the Offer for almost two and a half years.
Therefore, Sphinx has terminated the Offer with immediate effect.</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">No shares of Performance&rsquo;s
common stock were purchased in the tender offer and as a result of the termination, all of the shares of Performance&rsquo;s common stock
previously tendered will be promptly returned to the holders thereof, and no consideration will be paid to holders who have tendered their
shares of Performance&rsquo;s common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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; 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">&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&nbsp;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.&nbsp;George Economou with the SEC on Schedule TO on October&nbsp;11, 2023 and amended
pursuant to Amendment No.&nbsp;1 and Amendment No.&nbsp;2 thereto on October&nbsp;30, 2023, Amendment No.&nbsp;3 thereto on November&nbsp;15,
2023, Amendment No.&nbsp;4 thereto on December&nbsp;5, 2023, Amendment No.&nbsp;5 thereto on March&nbsp;26, 2024, Amendment No.&nbsp;6
thereto on June&nbsp;27, 2024, Amendment No.&nbsp;7 thereto on August&nbsp;15, 2024, Amendment No.&nbsp;8 thereto on September&nbsp;17,
2024, Amendment No.&nbsp;9 thereto on December&nbsp;12, 2024, Amendment No.&nbsp;10 thereto on February&nbsp;5, 2025, Amendment No.&nbsp;11
thereto on July&nbsp;31, 2025, and Amendment No. 12 thereto on February 11, 2026 (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&nbsp;25, 2023, and amended the same by Amendment No.&nbsp;1 thereto filed by
Performance with the SEC on November&nbsp;6, 2023, Amendment No.&nbsp;2 thereto filed by Performance with the SEC on November&nbsp;14,
2023, Amendment No.&nbsp;3 thereto filed by Performance with the SEC on November&nbsp;15, 2023, Amendment No.&nbsp;4 thereto filed by
Performance with the SEC on November&nbsp;30, 2023, and Amendment No.&nbsp;5 thereto filed by Performance with the SEC on December&nbsp;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 to Purchase, the Letter of Transmittal and
the Notice of Guaranteed Delivery) </FONT>AND THE SOLICITATION/RECOMMENDATION STATEMENT, AS EACH MAY&nbsp;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 Performance shareholders BEFORE MAKING ANY DECISION WITH RESPECT TO THE OFFER. </FONT>The Tender Offer Materials may be obtained
at no charge at the website maintained by the Securities and Exchange Commission at <FONT STYLE="color: Blue"><U>www.sec.gov</U></FONT>.</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"><B><U>Important Cautions Regarding Forward-Looking Statements</U></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; 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.&nbsp;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">&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">&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.&nbsp;George Economou.</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; background-color: white">Media Contact:&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">jkovacs@innisfreema.com; acrozier@innisfreema.com;
swinter@innisfreema.com&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">212-750-5833</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; background-color: white">SOURCE Sphinx Investment Corp</P>

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

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