Performance Shipping is taking advantage of the floundering tanker marker to do some work on its ships.
The New York-listed, Athens-based aframax specialist said in its second quarter earnings report that it will send the 115,577-dwt P Fos (built 2007) for special survey and ballast water treatment system installation in the third quarter.
The 104,623-dwt Blue Moon (built 2011) will undergo the same in the fourth quarter.
The company said the 104,588-dwt Briolette (built 2011) went through the process in the second quarter.
"Spot charter rates during the second quarter of 2021 continued to remain at historically low levels as a result of marginal increases in crude oil and refined petroleum products production," said chief executive Andreas Michalopoulos.
"We continue to expect weak spot charter rates to gradually recover as early as the fourth quarter of 2021, depending on developments pertaining to the Covid-19 pandemic."
For the three months ending on 30 June, Performance Shipping posted a net loss of $2.6m, down from a $4.6m profit for the same period last year.
The loss amounted to $0.54 per share, down from $0.94 in earnings per share for the second quarter of 2019.
The reversal was the result of a tanker market reeling from the impact of Covid-19 on oil demand.
The company reported $9.1m in revenue for the quarter, down from the $16m reported a year earlier. That came as the average daily spot charter rates for aframax tankers — of which it owns five — averaged $7,648 per day.
The rates represented a drop of more than one-quarter compared to the first quarter of this year and more than 75% compared to the second quarter of 2020.
