Performance Shipping Inc's board has authorised a new share repurchase plan that permits the company to buy back up to $4.0 million of its common stock, the company announced in a report published on 10 November 2026 by reports.
Performance Shipping Inc is a global shipping concern that specialises in the ownership of tanker vessels. The announcement published by reports set out the basic parameters of the board-approved plan without detailing execution timing or quantities of individual purchases.
Under the approved plan the company may repurchase up to $4.0 million of its outstanding common shares. The report states that repurchases may be effected pursuant to Rule 10b-18.
The announcement did not enumerate a schedule or other operational details in the item supplied for this report. The source summary supplied to The Maritime Gazette contained the core terms noted above and no further breakdown of mechanics or limits beyond the $4.0 million cap.
Scope of the repurchase authority
The Plan, as described in the published summary, gives the company authority to reduce the number of its outstanding common shares by repurchasing stock up to the stated monetary limit. The summary specifies that purchases may be made pursuant to Rule 10b-18.
The supplied notes do not identify the precise manner in which repurchases will be carried out, nor do they state a start date, duration, maximum daily purchase amount or whether management intends to use open-market transactions or alternative methods.
Context from the company announcement
The information on the Plan was reported on 10 November 2026. That item supplied the details used here: board approval of a share repurchase plan, a repurchase ceiling of $4.0 million and the potential reliance on Rule 10b-18 for execution.
Performance Shipping Inc is identified in the supplied material as a company whose business focus is owning tanker vessels. The summary published by reports served as the basis for those factual points.
The report provided to The Maritime Gazette did not include additional terms, commentary from the board or management, nor disclosure of anticipated timing for any repurchase activity. Further details, if provided by the company, would be expected to clarify execution mechanics and any regulatory filings that accompany such a plan.
All factual elements in this article are drawn from The report dated 10 November 2026 and the supplied summary of that item.