Note:
I have covered Performance Shipping (NASDAQ:DCIX) previously, so investors should view this as an update to my earlier articles on the company.
Five months ago, I provided my initial assessment of Performance Shipping's surprise acquisition of two 2011-built Aframax tankers from Maersk:
Overall, I view the transaction as a mixed bag given the rather high vessel purchase price, material dilution well below net asset value per share and increased business risk while on the other hand I applaud the move to diversify into a more promising market segment which could yield material