 ATHENS, Greece, Nov. 09, 2020 GLOBE NEWSWIRE -- Performance Shipping Inc. NASDAQ: PSHG, the Company, a global shipping company specializing in the ownership of tankers, today announced that it has accepted an offer letter whereby it intends to enter into an agreement for a new amortizing term loan facility of up to US31.5 million with Piraeus Bank S.A. the Facility through three separate wholly-owned subsidiaries of the Company. This Facility is subject to the completion of customary closing conditions and the execution of a final loan agreement by the Company and its lenders. Proceeds from the Facility will be used to refinance an existing term loan facility for the MT P. Fos and MT P. Kikuma with Nordea Bank Abp, filial i Norge, through a first advance of up to US22.5 million and to partially finance the acquisition of a fifth Aframax tanker vessel through a second advance of up to US9.0 million. This Facility shall bear interest at the rate of LIBOR plus a margin of 2.85 per annum. 