Performance Shipping has fallen deeper into the red after sustaining a heavy impairment loss on one ship.
The Simeon Palios-led boxship and tanker owner posted an $18.1m deficit for the third quarter, compared to a $6.3m loss for the same period last year.
The New York-listed company recorded a $17.4m impairment loss for one vessel during the three-month period and a $4.8m charge on another ship during the same period in 2018.
Voyage and time charter revenues were $6.3m, up from $5.2m a year earlier, primarily due to the acquisition of 104,623-dwt tanker Blue Moon (built 2011) in August.
Impaired vessels
Performance did not reveal the name of the impaired vessel, but it would appear to be the 6,541-teu boxship Pucon (built 2006), which was sold on 27 September to Germany's D Oltmann for $20.2m before commissions.
The carrying value of the post-panamax vessel was $38.4m as of 31 December 2018, according to Performance's year-end report for last year, which was filed in March.
Performance sold another small containership during the quarter but did not suffer any impairments, despite logging charges previously.
The 5,042-teu boxship Pamina (built 2005) was sold in late August to Singapore's Feedertech for $9.13m before commissions.
Its carrying value was $9.2m as of 31 December, according to Performance's 2018 report.
Last year, Performance recorded $20.7m in total impairment charges for the Pamina and another vessel, the 6,494-teu Hamburg (built 2009), because a test exercise "indicated that their carrying values were not recoverable", the company said in its 2018 report.
The Hamburg was sold last year to MPC Containerships for $21m.
Performance Shipping on Friday said it was buying third aframax tanker, the 115,600-dwt Virgo Sun (built 2007), from Zodiac Maritime for $26m.
The New York-listed company, previously known as Diana Containerships before entering the tanker business in June, currently owns two aframax tankers, a panamax containership and a post-panamax boxship.
