Performance Shipping reported a 375% leap in second-quarter profits as it rode the wave of strong aframax rates.

The New York-listed Greek tanker owner reported $18.4m of net income, nearly quadrupling the $3.87m a year earlier. Profit attributable to common shareholders increased to $17.9m from $3.66m.

The rise was driven by a jump in revenue to a record $31.5m, up from $16.7m in the second quarter of 2022, as net income surged to nearly $41,900 per day from about $24,900 per day a year earlier.

“During the second quarter of 2023, tanker market fundamentals remained firm,” said chief executive Andreas Michalopoulos.

The company believes the “solid tanker market environment” is sustainable for the rest of this year and beyond.

“Our fleet deployment during the previous fiscal year has well positioned our company to capitalise on the firm freight rate environment through the operation of our renewed and expanded fleet, currently consisting of eight younger and high-specification aframax tankers,” Michalopoulos said.