Performance Shipping Inc. Announces Appointment of New Chief Executive Officer and Chief Financial Officer
October 19 2020 - 7:31AM
Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global
shipping company specializing in the ownership of tankers, today
announced that its Board of Directors has appointed Mr. Andreas
Michalopoulos to the position of Chief Executive Officer following
the retirement of Mr. Symeon Palios from that position. The Board
also has appointed Mr. Anthony Argyropoulos to the position of
Chief Financial Officer of the Company, succeeding Mr.
Michalopoulos in that capacity. Mr. Palios will remain Chairman of
the Board of Directors.
Mr. Michalopoulos has served as the Company’s
Deputy Chief Executive Officer since 2019 and as its Chief
Financial Officer since the Company’s formation in 2010. Mr.
Argyropoulos’ biography is set forth below.
Commenting on the appointments, Mr. Palios
stated:
“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.”
Mr. Michalopoulos further 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.”
Biography of Anthony Argyropoulos
Anthony Argyropoulos is the founder of Oceanaut
Capital MIKE (dba Seaborne Capital Advisors), 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. 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 the CompanyPerformance
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.
Cautionary Statement Regarding
Forward-Looking Statements Matters discussed in this press
release may constitute forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words "believe,"
"anticipate," "intends," "estimate," "forecast," "project," "plan,"
"potential," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management's examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for our vessels, changes in
our operating expenses, including bunker prices, dry-docking and
insurance costs, the market for our vessels, availability of
financing and refinancing, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, the length and severity of the
novel coronavirus (COVID-19) pandemic and its impact on the demand
for seaborne transportation of petroleum and other types of
products, potential disruption of shipping routes due to accidents
or political events, vessel breakdowns and instances of off-hires
and other factors. Please see our filings with the Securities and
Exchange Commission for a more complete discussion of these and
other risks and uncertainties.
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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