Performance Shipping appoints Andreas Michalopoulos as CEO alongside Symeon Palios remaining Chairman of the Board of Directors

– GREECE, Athens –  Performance Shipping Inc. (NASDAQ: PSHG), a global shipping company specializing in the ownership of tankers, today announced the appointment of Andreas Michalopoulos to the position of CEO succeeding Symeon Palios who will remain Chairman of the Board of Directors.

The Board also has appointed Anthony Argyropoulos to the position of CFO, succeeding Mr. Michalopoulos in that capacity.

Mr. Michalopoulos has served as the Deputy CEO since 2019 and as its CFO since the formation in 2010.

“Today’s announcement of changes to the Company’s senior management reflects the continuation of our process of establishing a fully independent tanker company. Over the past ten years, Mr. Michalopoulos has demonstrated his leadership capabilities as a member of senior management. Mr. Argyropoulos brings decades of experience in global shipping finance and capital markets that is well known within the industry. I have every confidence that together, Mr. Michalopoulos and Mr. Argyropoulos are uniquely qualified to work side by side with this Board to continue to grow Performance Shipping and create shareholder value.” said Board chairman, Symeon Palios.

About Anthony Argyropoulos

Anthony Argyropoulos is the founder of Oceanaut Capital MIKE, an Athens, Greece based financial advisory firm focused on the shipping and maritime industries. Prior to Seaborne Capital Advisors, Mr. Argyropoulos was a Partner at Cantor Fitzgerald & Co. until September 2011, where he was responsible for the investment banking group’s activities in the maritime sector. Through early 2004, he was a Senior Vice President with Jefferies & Company, Inc. where he was instrumental in developing their maritime investment banking practice.

Mr. Michalopoulos commented: “On behalf of the entire Board I express our gratitude to Mr. Palios for his instrumental role in the formation of this Company and its leadership over the past ten years. Despite the challenging global economic conditions, the Company’s strong financial position today, marked by low net leverage and a strong balance sheet, is owed largely to Mr. Palios’s disciplined approach to growth over the past decade. I look forward to continuing to work with him as Chairman of the Board in the years to come.”

Mr. Argyropoulos graduated from Deree College, Athens, with a B.A. in Economics and from Bentley College, Waltham, Mass. with an M.B.A. in Finance. He is a member of the Beta Gamma Sigma honor society of collegiate schools of business. He is a frequent speaker in global shipping events, contributor to several publications and recipient of a number of awards.

About Performance Shipping Inc.

Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of four Aframax tankers. The Company’s current fleet of tanker vessels is employed primarily on short to medium term charters with leading energy companies and traders.

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