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.