Singapore tanker owner FSL Trust Management has logged a rise in profit as rates strengthened.
First quarter net earnings were $3m, compared to $0.9m a year ago, despite continued market volatility.
Revenue grew to $19.1m, up 13.3%, mainly due to higher rates from its crude carriers.
It also said product tankers were positioned to benefit from market improvement.
Operating costs were 4.5% lower at $13.9m, as depreciation expenses fell.
CEO Roger Woods said: "We have improved our operational performance and continued to generate profits and positive cash flows even amid volatile market conditions.
"The successful disposal of FSL Hamburg and the newbuilding orders will enable us to strengthen our fleet as the market recovers, positioning the trust for its long term and sustainable future."
Chairman Stathis Topouzoglou added: "We will continue to explore strategic initiatives to position the trust ahead of the opportunities that the present environment may offer.”
