Herbjorn Hansson-led NAT carded a profit of $33.54m in the three months to the end of June, flipping a loss of $15.65m a year ago.

Earnings per share of $0.35 were two and a half cents ahead of what Wall Street was looking for.

Its suezmax fleet earned an average of $38,800 per day for the quarter as revenue rose from $22.62m to $73.46m year-on-year.

As TradeWinds reported this morning, NAT has reached a settlement with Gulf Navigation over a dispute involving the 151,000-dwt Nordic Harrier (built 1997).

NAT has accepted convertible bonds to cover its $10.2m settlement in the matter, which it says will be swiftly traded for shares.

“These shares will be sold in the market over time as market liquidity permits,” NAT said.