Why Performance Shipping's Stock Is Trading Higher Today

Performance Shipping (NASDAQ: PSHG) shares are trading higher on Wednesday after the company announced an agreement to acquire Fifth Aframax tanker for $13.2 million in cash.

Performance Shipping Inc is a provider of shipping transportation services through its ownership of containerships. The company's vessels are employed primarily on time charters with liner companies carrying containerized cargo along various shipping routes. It owns and operates four Aframax tanker vessels and one Panamax container vessel.

Performance Shipping shares spiked higher, trading up 29.61% at $5.91 at the time of publication Wednesday. The stock has a 52-week high of $9.40 and a 52-week low of $3.65.