Greek boxship owner Performance Shipping has been told to boost its stock price performance by the Nasdaq exchange in the US.

The former Diana Containerships said it had received written notice stating its stock had been trading below the minimum $1 requirement for 30 consecutive business days.

It closed at $0.97 on Tuesday.

The shipowner now has 180 days to regain compliance - ie bring the price back above the $1 mark for 10 straight days.

It said it intends to "monitor the closing bid price" during this period and is considering ways to raise the price.

These include a reverse stock split.

If it fails, it may be granted another 180-day grace period.

"The company intends to cure the deficiency within the prescribed grace period," Performance said.

"During this time, the company's common stock will continue to be listed and trade on the Nasdaq Global Select Market. The company's business operations are not affected by the receipt of the notification."

Another loss

In July, the owner logged another quarterly loss, having been held back by a reduction in timecharter revenue and vessel impairment charges.

It reported a net deficit of $1.6m for the second quarter, which included a $300,000 impairment charge on one vessel.

The result was an improvement on the loss of $42.3m posted during the same period in 2018.

The quarterly result last year included a $15.6m impairment from one vessel and a $19m loss on the sale of three vessels.