Singapore product tanker giant Hafnia has beaten analyst expectations in the first quarter after rates hit record highs despite demand "destruction".
The BW Group-owned company, which is listed in Oslo, posted net earnings of $77.1m to 31 March, against $27.9m a year ago.
Revenue was up at $268 from $214m, while Ebitda of $130m was ahead of consensus, Fearnley Securities said.
