Nasdaq-listed Performance Shipping has been lifted back into profit by a general upswing in aframax rates following the Russian invasion of Ukraine.

The Greek owner of six tankers said net profit for the second quarter was $3.7m, compared with a loss of $2.6m in the same period of 2021.

Revenue was up at $16.7m, against $9.1m a year ago.

The company attributed this to increased time-charter equivalent rates, which averaged $24,921 per day.

By contrast, Performance managed only $9,728 in the second quarter of 2021.

Six-month profit amounted to $1.8m, versus a loss of $5.5m in 2021 as revenue grew to $25.3m from $17.5m.

The owner bought its sixth tanker in June and last month fixed out the 104,623-dwt Blue Moon (built 2011) to Teekay Tankers for $23,000 per day over three years.

The new charter is expected to generate $16.8m in revenue, the company said in its earnings statement.

Also in July, Performance returned to raising equity on the same day it disclosed the Nasdaq exchange had put it on notice over its share price.

Share price under pressure

The Athens company said it aimed to bank just under $6m by selling 17m shares in a private placement.

Performance’s stock dipped below $1 on 27 May following a similar deal, in which it raised $8m by selling 7.6m shares at $1.05 each. It has not been above $1 since.

It has until 9 January 2023 to close above $1 for 10 consecutive business days.