The John Fredriksen-controlled company posted net income of $67.9m for the period, compared to $22.4m a year ago.
This was translated into earnings of $0.73 per share, which comfortably beat the market’s expectations of $0.40 per share.
The latest performance has allowed SFI to increase its dividend by a cent to $0.44 per share.
SFI’s results came on the same day that Frontline erased last year’s second quarter loss by producing net earnings of $17.54m.
SFI said a cash sweep agreement with Frontline had a positive effect of $9.9m.
And the sale of its notes and warrants in Horizon Lines helped the diversified owner book a gain of $45m in the quarter.
Ole Hjertaker, chief executive of SFI, said: “Going forward our focus will be on finding new accretive investment opportunities across our business segments with the aim to continue building our long-term distribution capacity.”
SFI boosted its revenue by $19m to $92m thanks to vessel additions.
It owns a fleet comprised of bulkers, boxships, tankers, chemical tankers, drillships and offshore support vessels.
