Performance Shipping seems to be taking a page straight out of the book of sister company Diana Shipping.

The New York-listed owner of three tankers and two boxships is offering to repurchase $6m in common shares as its sibling dry bulk player nears rebuying $61m worth over the past year.

Performance Shipping's repurchase effort, authorised by the company's board of directors, comes at a time when the New York-listed company has 49m issued and outstanding shares.