Performance Shipping has locked in a profit from the sale of an aframax tanker as prices hold onto the value gains seen since Russia invaded Ukraine.

The New York-listed tanker owner, part of the Palios family’s stable of public shipping companies, said it sold the 116,000-dwt P Kikuma (built 2007) for $39.3m.

That is well above the $26m that the company paid in a 2020 deal for the vessel, which was constructed at South Korea’s Samsung Heavy Industries.