Performance Shipping has moved closer to the black side of the ledger amid lower costs.
The New York-listed owner posted a $0.2m loss for the first quarter versus a $3.9m net loss during the same period last year.
Time charter revenue came in at $5.5m, down from $8m, mainly due to the sale of two vessels last summer when it was called Diana Containerships.
The lower revenue was partially offset by higher charter rates amid a better market. TCE rates averaged $14,419 per day, up from $8,028 a year earlier.
Vessel operating expenses declined to $2.65m from $5.63m.
The company regained Nasdaq compliance on 21 March when its stock reached $1.18 and has been above the $1 threshold since then.
Its shares gained $0.01 to $1.13 in early-morning trading.
