John Fredriksen's Frontline still believes tanker fundamentals are pointing to a firm recovery, but top executives remain concerned over Covid-19 spikes in Asia.
The Oslo- and New York-listed shipowner maintained profitability in the first quarter, logging net earnings of $28.9m, down from $165.3m in last year's booming markets.
Revenue from the 68 ships crashed to $194m from $412m year-on-year.
Interim chief executive Lars Barstad said: "Despite challenging market conditions during the first quarter of 2021, Frontline manages to deliver a solid result."
