Performance Shipping Business Summary

Performance Shipping Inc. (PSHG) operates as a pure-play maritime transportation provider specializing in the ownership and global chartering of mid-size tanker vessels. The company generates 100% of its revenue through the Tanker Vessels segment, utilizing a mix of spot market voyages, pool arrangements, and multi-year fixed-rate time charters with major energy entities like ExxonMobil and Repsol. As of February 2026, PSHG has successfully transitioned its fleet to focus on modern Aframax and Suezmax tankers, recently expanding to 12 vessels including eco-efficient, LNG-ready newbuilds and 2019-built Suezmax acquisitions. The company competes against larger, diversified peers such as Teekay Tankers, Tsakos Energy Navigation (TEN), and Frontline Ltd., positioning itself as a specialized, high-margin operator that leverages a youthful, environmentally compliant fleet to secure premium rates in regional crude oil trade routes. The executive team is led by CEO Andreas Michalopoulos, who brings extensive maritime finance expertise from his previous tenure as CFO of Diana Shipping Inc. and has overseen PSHG’s strategic pivot from containerships to tankers. He is joined by CFO Anthony Argyropoulos, a seasoned investment banker and maritime finance veteran formerly of Cantor Fitzgerald and Seacor Holdings. The company was founded by Simeon Palios, a prominent figure in Greek shipping, and is currently chaired by his daughter, Aliki Paliou, who remains a significant shareholder. Notable institutional investors include Renaissance Technologies and Acadian Asset Management, who support the company’s conservative leverage profile and its recent capital expansion through the Nordic high-yield bond market to fund fleet renewal and modernization.