Performance Shipping believes it is in a position to capitalise on a rising tanker market after taking a loss in the first quarter.

The New York-listed, Athens-based tanker owner reported a $2.1m loss for the first three months, with its fleet of aframaxes fetching average time charter equivalent rates of $12,352 per day while the market averaged $32,266 per day.

“We gradually took advantage of the improved spot charter market as we undertook positioning voyages,” chief executive Andreas Michalopoulos said in a statement alongside earnings.