Milan-listed DIS booked a gain of $30.1m in the six months to the end of June, swinging from a $5.5m loss at the same stage in 2014.

“I believe 2015 is now set to be a very profitable year for our industry, for DIS, and, last but not least, for our shareholders,” Fiori said in a statement.

DIS booked four LR1 newbuildings in the second quarter, taking its orderbook to 12 vessels.

It has also been building its chartered fleet consistently, with notable additions in April of four products tanker newbuildings at Onomichi Dockyard on seven and eight year deals.

“The trend we have been talking in the last years of refineries moving away from main consuming regions, it is now reality and our market has been reacting very positively,” Fiori said.