Oslo-listed ADS Crude Carriers is moving closer to recouping the costs of its investment in scrubbers.
The company spent $12m in the second half of last year on retrofits for its three VLCCs.
ADS has now made cash savings on the open-loop systems of $8.1m, the company said.
This equates to 68% of the investment cost, despite narrowing price spreads between high and low-sulphur fuels in recent months.
ADS said it had logged net profit for the second quarter of $8.6m, up from $600,000 in the same period last year.
Revenue grew to $21m from $11m in strong markets, with the average rate for its veteran vessels standing at $64,300 per day.
The six-month profit was $19.4m.
ADS is handing out $4.25m of its second-quarter earnings as dividends. Another $3.5m will be used to pay off loans.
The shipowner's charter backlog in the third quarter is 70% of vessel days at $45,000 per day.
Investments coming?
Chairman Bjorn Tore Larsen said the result was "strong" once more.
"Yet again we deliver on our commitment to return a high proportion of earnings and declare a total distribution of $7.75m, meaning this is the second consecutive quarter for which we have distributed over 90% of net profits," he added.
Larsen said the market had fallen in the third quarter, but he added: "We remain long-term positive and committed to the tanker market beyond the economic lives of our existing fleet.
"We will pursue investment opportunities in the tanker sector as we continue our focus on cash flow, dividends and operational excellence."
Two of its ships operated spot during the period, with another on a six-month charter.
Including undrawn loans of $7.5m, ADS had liquidity of $24.6m at the end of the quarter.
The company said the rate of destocking of oil stored on tankers could hit demand for transport in the second half, and potentially into 2021.
"The tanker market is volatile, hard to forecast and can swing quickly. The board expect the VLCC market will remain dynamic for the foreseeable future," ADS said.
