Nasdaq-listed tanker and boxship owner Performance Shipping expects to log a profit in the first quarter, but future guidance may prove impossible due to the pandemic.
The Greek company said earnings per share should be between $0.01 to $0.03 to 31 March.
The former Diana Containerships logged a loss of $0.2m or $0.01 per share in the same period of 2019.
The company said it was providing the guidance "due to the unprecedented circumstances related to the Covid-19 pandemic", and has not determined whether to provide such guidance for future periods.
Performance Shipping added that as of 30 April cash and cash equivalents amounted to $14.2m and $27.5m, respectively.
Performance counts "highly liquid investments" such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.
Long-term debt under its facility with Nordic lender Nordea stood at $56.7m at the end of the quarter.
The company operates four aframaxes and a boxship in the spot market.
Share acquired
During the quarter, Performance Shipping bought back 452,768 of its own shares at an average price per share of $0.81.
Last month, the company wiped the slate clean following an offering of preferred shares in 2017 that led to a shareholder lawsuit.
The shipowner cancelled the last of its outstanding preferred shares issued to Kalani Investments, which is controlled by Toronto-based financier Marc Bistricer and his hedge fund, Murchison Ltd.
Diana Containerships was last year sued in New York by shareholders claiming that the Kalani deal was part of a scheme to decimate the value of the company's shares.
Lawyers for Diana Containerships have dismissed the lawsuit, which is still ongoing, as "silly and absurd". US courts have thrown out a similar lawsuit against US-listed peer Top Ships.
